#Japan #Tokyo #Candex #9Yards Capital #Tail Spend

Candex Raises $33 Million in Series C Funding to Enhance Global Expansion

Candex Secures $33 Million in Series C Funding

On July 14, 2025, Candex, a provider of vendor management and tail spend solutions for global enterprises, announced it has successfully raised $33 million (approximately 5.1 billion yen) in its Series C funding round. This funding was led by 9Yards Capital, alongside existing investors such as Hedosophia, Goldman Sachs, Altos Ventures, Craft Ventures, NFX, and Edenred. With this latest investment, Candex's total funding has exceeded $115 million (approximately 17.1 billion yen).

The funding was executed under significantly increased valuations, signaling investor confidence in Candex's rapid growth, strong product-market fit, and the rising global demand for its solutions. The company’s customer base has nearly doubled since its Series B round in 2023, now serving over 140 enterprise clients. As a result, total procurement and purchasing volumes supported by Candex are projected to surpass 10 billion yen this year. The newly raised capital is earmarked for further global expansion, product innovations, and an increase in the customer base.

Candex's CEO and co-founder, Jeremy Lappin, expressed gratitude for the trust and support from both new and longtime investors. He stated, "Every large enterprise faces the challenge of managing important but low-volume suppliers. This funding enables us to tackle this challenge on a larger scale, allowing our customers to focus on their core businesses more swiftly and compliantly."

Lead investor 9Yards Capital manages a growth-stage fund of over $1 billion, targeting high-growth companies that are transforming foundational industries, including procurement, fintech, and enterprise software. Hunter McNabb, General Partner at 9Yards Capital, commented, "At 9Yards, we support fintech companies that demonstrate clear market fit and global potential. Candex presents a remarkably simple solution to the complex issue of tail spend management, and we resonate with its vision. This investment will support the company's product leadership, accelerate entry into new markets, and reinforce its commitment to exceptional operations."

What is Candex?

Candex simplifies the registration, contracting, and payment processes for low-volume, one-off vendors. By functioning as a 'master vendor' utilizing technology, companies can provide a swift and compliant purchasing process. Corporate administrators can improve automation, visibility, and control while reducing the number of vendor masters by up to 80%, thus enhancing the efficiency of vendor transactions. Candex’s reporting capabilities centralize information previously scattered across the organization regarding tail vendors (those with low transaction amounts or volumes), significantly increasing overall transparency. This leads to a notable alignment between departmental data and processes, simplifying operations and ensuring adherence to common standards.

Candex also automates the P2P (procure-to-pay) process, providing various forms of support along the way. With detailed audit compliance reports, it achieves a ‘fast, easy, and highly compliant’ operation.

Candex is recognized by Forbes in its "Global 2000" list, establishing a solid position in the tail spend management sector and providing the most comprehensive global solutions across over 40 countries.

This article is a translation and edit of a press release published in the U.S. on July 14, 2025. The official language of this article is English, and its content and interpretation are prioritized in that language.