Omnea: The Procurement Intake Platform Working with Spotify
Omnea is fast establishing itself as a leader in the field of procurement intake and orchestration, helping large enterprises like Spotify handle increasingly complex supplier ecosystems.
Now, the firm has secured US$50m in Series B funding to support the expansion of its AI-powered supplier relationship management (SRM) platform, building on a year which has seen revenue grow fivefold and headcount more than triple.
The funding was led by Insight Partners and Khosla Ventures, with participation from Accel, Point Nine, First Round Capital and Prosus.
It brings Omnea’s total capital raise to more than US$75m and leaves the business well positioned for the next phase of its growth, focused on AI-powered SRM and accelerated hiring across the US and UK.
Procurement adapts supplier complexity
As businesses navigate higher interest rates, cost volatility and shifting regulation, procurement has assumed heightened importance.
Driven in part by the rise of AI, enterprises now manage more suppliers than ever across departments, ranging from cloud computing vendors and software platforms to legal consultancies and data analytics providers.
Procurement teams sit at the heart of this activity, working to contain costs while managing third-party risks. Each supplier comes with potential legal, financial, IT or compliance implications, requiring cross-functional collaboration – and yet, procurement tools remain fragmented and inefficient.
Omnea positions itself as the answer to this challenge. By creating a single entry point for employee requests in natural language, the platform orchestrates cross-team workflows that bring in the right people at the right time – whether from finance, legal, IT or risk – allowing procurement teams to operate more strategically and respond more quickly.
“Businesses hold a treasure trove of supplier data, but its value is locked away in spreadsheets, inboxes and siloed point solutions,” explains Ben Freeman, Founder and CEO at Omnea.
"Our AI SRM platform unlocks that data at every level of the organisation, proactively flagging expired certifications for risk teams, launching RFPs for procurement and delivering relevant reports to CFOs – all through a modern, intuitive interface."
Investors back AI-powered SRM
Omnea’s AI-powered SRM approach builds on a single source of truth for vendor data, updated continuously through a two-way orchestration layer integrated across the entire finance technology stack.
This unlocks automation at every level, from flagging expired certifications to risk teams, to launching tenders for procurement and surfacing reports for CFOs.
Omnea’s solution uses AI to automate analysis, eliminate duplication and reduce manual work, streamlining the experience for all stakeholders.
Jeff Lieberman, Managing Director at Insight Partners, notes the strong reaction from Omnea customers: “Of the many players we looked at in the market, Omnea had the happiest customers out there. The company uses AI to deliver a modern, seamless procurement process that helps employees get the suppliers they need in a quick and compliant manner.
"From disruptive tech companies to Fortune 500 giants, Omnea’s customers are saving millions of dollars a year by reducing duplicative and underutilised suppliers. We are thrilled to partner with the Omnea team in this next chapter of growth."
One of those happy customers is the aforementioned Spotify, whose Vice President of Finance Ben Kung says: "Omnea's AI capabilities and workflow automation can replace fragmented systems, endless email threads and manual spreadsheets.
"This enables the possibility of a single source of truth for every request, review and risk check, while also getting rid of the manual busywork that slows procurement teams and the rest of the business down."
Building a high-performance team
Founded in 2022 by Ben Freeman and Ben Allen, Omnea prioritises efficiency for all parties involved in procurement, from suppliers to internal teams across departments.
That focus has helped the company grow quickly, drawing interest from global enterprises. In addition to Spotify, its growing list of clients now includes MongoDB, Albertsons, Adecco and Wise, spanning sectors from technology to retail and financial services.
Freeman credits Omnea’s growth to “talent density", maintaining a compact, high-performing team. Shortly after launching the business, he reunited with former Tessian colleagues Abhirukt Sapru and Sabrina Castiglione, who serve as Chief Commercial Officer and Chief Financial Officer respectively.
Together, Omnea's leadership team are bidding to take its AI-powered SRM model global.
Vinod Khosla, Founder of Khosla Ventures, adds: “AI is reshaping how work gets done inside large enterprises, especially in outdated areas like procurement.
"Omnea is the first full AI supplier relationship management platform, automating everything from sourcing and onboarding to tracking performance and risk, to turn procurement from an administrative burden into a growth driver."
