Approveit, an operations and automation platform for businesses, is thrilled to announce the successful completion of a $1M deal with technology investors, including 10vc, Verras Capital, Telegraph Hills Capital and many others partners and angel investors. The platform seamlessly integrates the company's existing messengers and task managers for transparency and control over finances, auditing, reporting and other business processes, reducing approval time by 80%.

In the 2022-2023 fiscal year, Approveit achieved an annual recurring revenue (ARR) of over $200,000, demonstrating a month-over-month growth rate of 13%. The team successfully worked with 50 customers such as Blade, Midokura — a Sony Group Company — and Easygo, maintaining a customer retention rate of 96% and achieving a net revenue growth of 358%.

“Our investment in Approveit underscores our confidence in platforms capable of serving diverse customer segments and addressing a broad range of use cases to drive significant impact. By integrating Approveit into their workflows, customers achieve substantial efficiency gains, while their documentation and compliance processes are markedly enhanced.,” says 10vc.com.

The market demand for similar automation software solutions is growing daily due to recurring problems. Managers, especially in global companies, often have to navigate 10+ systems for data and requests, causing inefficiencies, delays and errors. Additionally, there is variability in executing standard procedures across departments and locations. It makes it complicated to track changes and control audit processes because of a lack of comprehensive audit logs. All of these difficulties affect a company's resources, both financial and human. The technological market is being expanded today by contributors that provide software covering the full buying cycle, from complete guided procurement and finance to security, HR and beyond. There are already products of this kind in the procurement field: Zip HQ raised $180M, and Workato earned a $5.7B valuation after raising $200M for its enterprise automation platform. 

“As we engaged with more clients, we discovered they were applying our platform brilliantly — managing internal audits, HR operations, and even strategic decision-making processes. This revelation expanded our vision of Approveit’s potential and deepened our understanding of diverse industry needs. Seeing the variety of use cases has been exhilarating. It’s a testament to the importance of listening to our customers, adapting to their needs, and continuously pushing the boundaries of our technology,” says Serge Gusev, CEO and co-founder of Approveit. “We are going to spend new funding to attract new clients, enhance our technology platform and achieve $1M ARR by March of 2025.”

The Approveit platform merges easily with existing systems, with full integration taking up to a week, providing real-time process control and data consolidation for swift, informed decision-making. Setup is quick, up to 5 minutes, workflows are generated by Al and all communications are placed in work tool channels like email, Slack or Microsoft Teams. The platform connects to the existing infrastructure of a company and there is even the possibility of importing from the HRIS. According to customer surveys of the company, using Approveit for business means up to $2M saved annually on operational inefficiency and human error and reduce charges afterwards.

“Our mission is to help businesses thrive and we believe that workflow automation should be accessible for businesses of all shapes and sizes. We сreate our product not only with our own ideas, but users' experience and feedback as well. We`re leveraging over 100,000 customer requests to build an ML model now, providing enhanced insights into their processes for more informed decision-making,”says Dmitry Matveev, CTO and co-founder of Approveit.