Approve

Company Overview

Snapshot

Founded in November 2018 by Bar Winkler, Amit Mittelman, and Shlomy Amsalem, Approve operated with 1–10 employees. The company secured funding across 2 rounds from 8 investors, culminating in its acquisition by Tipalti in April 2021.

Business overview

Approve.com developed a modern procurement platform designed to streamline purchasing workflows, manage vendor interactions, and provide critical insights into company spend. The company's core technology leveraged SaaS and web platforms, incorporating elements of artificial intelligence to serve businesses in the enterprise solutions sector, primarily across North America, Europe, and Israel.

Strategic signal

In April 2021, Approve was acquired by Tipalti, a global payables automation company. This acquisition indicates a strategic move by Tipalti to enhance its offerings with advanced procurement capabilities, signaling consolidation and expansion within the financial automation and business software markets. For investors, this highlights the value of specialized SaaS solutions in enterprise procurement and the potential for successful exits through strategic acquisitions.

Company Intelligence Q&A

When was Approve acquired?

Approve was acquired by Tipalti in April 2021.

Who were the founders of Approve?

Approve was founded by Bar Winkler, Amit Mittelman, and Shlomy Amsalem.

What was Approve's primary business activity?

Approve provided an enterprise procurement SaaS platform to help businesses streamline purchasing, manage vendors, and analyze spending.

When did Approve raise its Seed funding round?

Approve raised a Seed funding round in August 2020, with Aleph participating as a lead investor.

Which investors participated in Approve's Pre-Seed round?

In May 2019, Approve received Pre-Seed funding from investors including Yair Weinberger.