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Scout RFP provides a cloud-based platform for strategic sourcing and supplier engagement, streamlining procurement workflows for enterprises. The platform offers capabilities such as sourcing management, supplier relationship management, contract management, and spend analysis. It allows procurement professionals to efficiently manage requests for proposals (RFPs), onboard suppliers, and monitor compliance, thereby making enterprise commerce faster and more transparent.
The company was co-founded in 2014 by Alex Yakubovich and Stan Garber, both alumni of Case Western Reserve University. Their founding insight centered on transforming traditional strategic sourcing, aiming to alleviate purchasing pain points and empower businesses to achieve greater impact through their procurement operations. They sought to introduce a more efficient and digitized approach to a historically manual and complex function.
Procurement professionals utilize the platform to manage a unified pipeline of projects and enhance overall sourcing efficiency. The company’s vision is to optimize procurement processes, fostering stronger connections between sourcing teams and the broader business ecosystem. This ultimately leads to increased visibility and transparency across all sourcing projects and supplier interactions, driving strategic value.
Scout RFP has raised $96.0M across 5 funding rounds.
Scout RFP has raised $96.0M in total across 5 funding rounds.
Scout RFP has raised $96.0M in total across 5 funding rounds.
Scout RFP's investors include Costanoa Ventures, Jackson Square Ventures, Menlo Ventures, Scale Venture Partners, Sequoia Capital, Workday Ventures, Mike Vernal, Benchmark, Collaborative Seed & Growth Partners, REMUS Capital, Joshua Summers, Andreessen Horowitz.
Scout RFP is a cloud-based sourcing and supplier engagement platform that streamlines procurement processes for enterprise teams by automating RFPs, RFQs, RFIs, and reverse auctions, enabling data-driven supplier selection, contract optimization, and cost savings.[1][2][3] It serves procurement professionals at over 240 global brands, including UnitedHealth Group, Google, Salesforce, Starbucks, Gilead, and VMware, solving pain points like spreadsheet-based sourcing, fragmented stakeholder collaboration, and lack of visibility into $20+ billion in annual project spend.[3][4][6] Acquired by Workday in December 2019 and rebranded as Workday Strategic Sourcing, it drives profitability, reduces risk, and enhances transparency in enterprise commerce, with reported 2024 revenue of $13.6 million and prior funding of $60.4 million from investors like Menlo Ventures, NEA, GV, Scale Venture Partners, and Workday Ventures.[2][3][4]
The platform's growth momentum includes expansion from 175+ customers in 2019 to broader adoption across industries like financial services, pharma, biotech, manufacturing, healthcare, insurance, and professional services, managing unified project pipelines and delivering analytics for informed decisions.[4][6][7]
Founded in 2014 (with some sources noting 2015) in San Francisco by two college entrepreneurs with engineering and management expertise, Scout RFP emerged from their prior success with ONOSYS, an online shopping platform that revolutionized food supply chains.[1][2][3] Frustrated by procurement teams' reliance on outdated spreadsheets for RFPs, the co-founders interviewed experts to identify key pain points—inefficient supplier selection, poor collaboration, and limited insights—leading them to build a streamlined, cloud-based alternative.[1]
Early traction came from addressing these gaps, quickly attracting enterprise customers and raising $60.3 million across rounds, culminating in the pivotal 2019 acquisition by Workday, which accelerated integration into broader source-to-settle workflows.[3][4]
Scout RFP rides the wave of procurement digitization and enterprise spend management trends, where cloud platforms address fragmented legacy systems amid rising supply chain complexities, inflation, and ESG demands.[1][4][7] Timing aligns with post-pandemic shifts toward resilient sourcing—firms now prioritize visibility and agility, with Scout/Workday enabling 175+ enterprises to handle complex RFPs faster via automation.[4][6]
Market forces like AI-driven analytics and source-to-pay unification favor it, as incumbents treat sourcing as an add-on while Scout leads in usability and outcomes.[4][7] It influences the ecosystem by empowering CPOs at giants like Google and Salesforce, standardizing best practices, and expanding into verticals like pharma and services, fostering transparent commerce.[3][6]
Workday Strategic Sourcing (Scout RFP) is poised for deeper integration within Workday's expanding enterprise suite, targeting more source-to-contract automation amid AI-enhanced procurement trends like predictive spend analytics and supplier risk scoring.[3][7] Rising regulatory pressures on transparency and sustainability will amplify demand, potentially scaling to thousands of customers as mid-market adoption grows.[6]
Its influence may evolve from niche sourcing leader to core pillar in unified finance-procurement stacks, sustaining momentum through innovation in vertical-specific tools—echoing its origins in simplifying the chaos of enterprise buying for lasting efficiency.[1][4]
Scout RFP has raised $96.0M across 5 funding rounds. Most recently, it raised $33.0M Series C in January 2019.
