Freehand Raises $75M Series B To Automate Fortune 500 Supply Chain Spend

Enterprise AI startup Freehand announced it has raised $75 million in a Series B funding round to scale its autonomous AI agents that manage complex supply chain spend and back-office operations for enterprise companies. Battery Ventures and NewRoad Capital Partners co-led the financing, which included participation from Nexus Venture Partners and former U.S. Commerce Secretary Penny Pritzker. With the latest capital injection, San Francisco-based Freehand has now raised $100 million. The company declined to reveal its valuation, but CEO and co-founder Nitin Jayakrishnan said it was a significant step up from the startup's $25 million Series A raised in March 2024. Freehand was founded in February 2024 by Jayakrishnan and Abhijeet Manohar, enterprise logistics veterans who previously co-founded and sold Pando, a SaaS transportation management system. The platform targets complex supply chain operations rather than standard corporate card expenses, with AI agents that read contracts, policies, emails, and internal data to verify bills and handle vendor negotiations. The company counts some 50 customers, including Meta, Johnson & Johnson, Pfizer and Cardinal Health. Its platform autonomously processes billions in payments across 60 to 70 countries and hundreds of currencies without human supervision, according to the company. Jayakrishnan said benefits include recovering 5% to 10% of total spend across categories and reducing procure-to-pay cycle times by more than 70%.