VC fundraising for ERP software companies
ERP VC has consolidated around cloud-native and industry-specific operators displacing legacy mid-market suites. Investors weigh implementation backlog quality, partner-channel economics and the durability of multi-year enterprise contracts as heavily as ARR growth. The deal set is smaller than in horizontal SaaS but the partners who underwrite it know the category deeply.
Active investors are enterprise-software-focused seed and growth funds with built ERP coverage, vertical SaaS specialists in industry-specific ERP categories, and corporate venture arms attached to the major ERP platforms - Salesforce Ventures, Workday Ventures and SAP's venture arm are active in adjacent enterprise software. Flow has direct relationships across the enterprise-software funds and the ERP CVCs that back the category.
Flow has experience running VC fundraising processes for ERP companies across mid-market and enterprise cloud ERP, industry-specific ERP for manufacturing, distribution and services, NetSuite, SAP and Dynamics partners, and adjacent modules in procurement. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"ERP software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Bookings
Implementation backlog
Net retention
Enterprise customer count
Cloud ARR mix
Partner-influenced bookings
Services share
Gross margin
Renewal rate
ERP software valuations in May 2026
Public ERP software comps trade at 3.8x EV/Revenue. Median revenue multiple across ERP software VC rounds was 37x in the last 12 months.
3.8x
Median EV/Revenue as of May 2026 for public ERP software companies
12x
Oracle is the highest valued public ERP software company based on EV/Revenue (excluding outliers)
1.5x
Median EV/Revenue across ERP software M&A deals in the last 12 months
37x
Median EV/Revenue across ERP software VC rounds in the last 12 months
Key recent ERP software VC rounds
$207M Series E raised by Pennylane was the largest ERP software VC round completed in the last six months.
See all ERP software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Jan-26 | Pennylane |  | Pennylane is a cloud-based financial operations platform automating accounting, invoicing, and expense management for European SMEs. Paris-headquartered since 2019, it integrates bank feeds, payroll, and tax compliance tools from providers like Stripe and Qonto, serving over 200,000 businesses across France. | BlackstoneCapitalG+4 | $207M | $4.3B | Series E | |
Mar-26 | Doss |  | Doss is a cloud-based adaptive resource platform serving industrials, consumer goods, food and beverage, construction, distribution, and cosmetics sectors. Headquartered in Sydney, the system unifies inventory management, procurement, sales orders, billing, accounting, warehousing, and production planning. Users leverage a workflow editor for custom automation, DataStudio for dashboards tracking sales analytics and KPIs, and integrations with POS systems and third-party warehouses. Doss streamlines operations for mid-sized enterprises handling complex supply chains globally. | 47Th Street PartnersCommerce Ventures+9 | $55M | - | Series B | |
Mar-26 | Axiamatic | | Axiamatic delivers AI for ERP transformations and implementations. Co-founders Rajiv Gupta and Kaushik Narayan lead development of chat and workflow AIs with ERP knowledge to speed enterprise projects. | Bessemer Venture PartnersGrayrock Partners | $54M | - | Series A | |
May-26 | Nova Intelligence | | Nova Intelligence is an agentic AI platform for SAP teams that documents custom code, applies SAP standards to cut complexity, and aids modernization for Clean Core compliance. SAP teams on the platform achieve doubled productivity. SAP's investment arm and Silicon Valley VCs back the company, whose team includes the SAP HANA co-inventor, a former Google DeepMind AI researcher, and Cargill's ex-CIO. | AccelChemistry+2 | $32M | - | Series A | |
Jan-26 | Knight FinTech |  | - | 3one4 CapitalAccel+6 | $24M | - | Series A | |
Feb-26 | Reflow | | Reflow is an AI-native platform automating enterprise workflows with autonomous agents across systems like SAP, Oracle, and Workday, connecting to over 1,000 applications. | Basis Set VenturesBetter Tomorrow Ventures+3 | $15M | - | Seed | |
Dec-25 | Delightree | | Delightree is a franchising technology platform tailored for emerging restaurant brands. The software streamlines site launches, franchisee onboarding, training, operations automation, and team communications to ensure brand consistency and accelerate multi-unit expansion across the U.S. | - | $14M | $290M | Undisclosed stage | |
Mar-26 | Kaar Technologies | | Kaar Technologies is a Chennai-headquartered SAP consulting firm delivering implementation, customization, and support services for enterprise resource planning systems. It serves clients in manufacturing, retail, and healthcare across India, the Middle East, and Africa, leveraging S/4HANA migrations and industry-specific modules. | A91 PartnersPlaybook Partners | $11M | $231M | Series B | |
Feb-26 | Moab | | Moab is a cloud platform managing equipment rental operations including inventory, orders, billing, service, and analytics for dealers. | Dave YuanElad Gil+2 | $8.0M | - | Series A | |
Feb-26 | Moab | | Moab is a cloud platform managing equipment rental operations including inventory, orders, billing, service, and analytics for dealers. | Dave YuanElad Gil+2 | $8.0M | - | Seed | |
Mar-26 | Samekar | | Samekar is an intent-driven business platform built on UBOS, a proprietary framework for small and mid-size business operations. Owners describe needs in natural language, and AI configures workflows, CRM, inventory, scheduling, billing, and more across 20+ languages. The deterministic engine executes processes reliably for restaurants, retail, clinics, and other verticals. | CGB Capital | $5.0M | - | Seed | |
Nov-25 | Ohanafy | | Ohanafy is a software provider offering the Craft Beverage Cloud platform for breweries, distilleries, cideries, ready-to-drink makers, and kombucha producers. The system streamlines inventory management, sales tracking, production scheduling, compliance reporting, and e-commerce integration. It serves craft beverage businesses nationwide, enabling scalability from small operations to larger enterprises through cloud-based tools. | - | $5.0M | - | Seed | |
Mar-26 | Piston | | Piston is an agentic ERP that autonomously thinks, advises, and executes tasks. | Alexandre Ducoeur MartinsArthur Waller+8 | $3.5M | - | Seed | |
Apr-26 | Edmund |  | Edmund is a manufacturing execution system that integrates sensors, robots, PLCs, and ERP software across factory floors for unified operational insights. The platform aggregates data from CNC machines, quality inspection tools, and inventory systems into a single dashboard. Edmund enables predictive maintenance and production scheduling through real-time analytics. Headquartered in Tel Aviv, the company serves electronics assembly and automotive parts facilities in Europe and North America. | FORWARD.oneTensor Ventures+1 | $2.9M | - | Seed | |
Mar-26 | Airflows |  | Airflows is a platform for private AI solutions in back-office operations. Users build applications, workflows, and agent assistants from documents, rules, and approvals, integrating with ERP, ECM, and BPM systems. | Adara VenturesArmilar Venture Partners | $2.4M | - | Seed |
VC investors active in ERP software
Y Combinator is the most active VC investor across ERP software, having invested in 10 startups in the last three years.
See all ERP software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | AlephStocklineTailor+2 | 10 | Pre-seed | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | Nova IntelligenceDodge AIKnight FinTech+2 | 5 | Series A | |
DST Global |  | DST Global is a venture capital firm targeting late-stage internet and technology companies. With offices in Hong Kong, London, Menlo Park, and New York, it has backed firms like Facebook, Twitter, Alibaba, and Airbnb since its 2009 founding. The firm focuses on global consumer internet platforms and fintech sectors. | PennylaneZipIneffable Intelligence+2 | 4 | Series C | |
Bling Capital | | - | ReflowNominalVillage+2 | 3 | Seed | |
Atomico |  | Atomico is a London-headquartered international venture capital firm founded in 2006 with offices in Paris, Berlin, and Stockholm. It invests in disruptive technology companies from seed to growth stages, primarily in Europe, backing firms like Skype, Wise, and Snowflake through expertise in global expansion, hiring, and marketing. | KatanaLightOpenFX+2 | 3 | Seed | |
Khosla Ventures | | Khosla Ventures is a Menlo Park-headquartered venture capital firm investing in early-stage companies across AI, climate technologies, digital health, and enterprise software. Founded in 2004 by Vinod Khosla, it has backed over 1,000 startups including DoorDash, Square, and Impossible Foods, managing more than $15 billion in assets committed. | AlephRogoParallel+2 | 3 | Seed | |
Sequoia Capital | | Sequoia Capital is a venture capital firm headquartered in Menlo Park, California, with operations in the United States, China, India, and Southeast Asia. Founded in 1972, it invests in seed through growth-stage companies across sectors like consumer internet, enterprise software, healthcare, and semiconductors. The firm has backed transformative businesses including Apple, Google, WhatsApp, Airbnb, Stripe, NVIDIA, and DoorDash, achieving landmark returns from initial public offerings and acquisitions. Sequoia Capital maintains separate funds for U.S., China, and India ecosystems, supporting founders in building enduring technology leaders. | PennylaneStandard IntelligenceRogo+2 | 3 | Series C | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | OpenIAPCanterlyThruline+2 | 3 | Pre-seed | |
D | Dave Yuan | | David Yuan is a general partner at Technology Crossover Ventures, specializing in software, internet, and information services, with current board roles at Sitecore, Merkle, and others including past involvement with Facebook and Splunk. | Moab | 2 | Seed |
Benchmark Electronics | | Benchmark Electronics Inc is engaged in product designing, engineering services, technology solutions, and manufacturing services (electronic manufacturing services (EMS) and precision technology services). It serves various industries, including aerospace & defense (A&D), medical technologies, complex industrials, semiconductor capital equipment, next-generation telecommunications, and high-end computing. Its geographical segments are the Americas, Asia, and Europe, of which key revenue is derived from the Americas. | SummationCerebras SystemsSunday+2 | 2 | Seed |
Founders and investors we've worked with
We've supported winning builders across ERP software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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