Naboo, a Paris-based event management and class C procurement platform, announced a €60 million Series B round on February 10, 2026 led by Lightspeed Venture Partners, with participation from ISAI, Notion Capital, CapHorn and Ternel (formerly MAIF Avenir). The round brings total funding to around €90 million since the company was founded in 2023 and funds the pivot toward an AI-driven indirect procurement software suite.
A funding trajectory compressed into three years
According to FrenchWeb, Naboo has completed four rounds in three years: €2.5 million in pre-seed, €7.5 million in seed (ISAI, November 2023), €20 million in Series A (Notion Capital, February 2025), and now €60 million in Series B. This pace places the company in the top 20 largest early-stage deals in France for early 2026.
Maxime Eduardo, CEO and co-founder, is a former Oliver Wyman consultant. Initially focused on corporate seminar booking, the company pivoted in 2023 to turnkey event organization, then in 2026 to a broader class C procurement platform, as Usine Digitale had foreshadowed during the Series A.
From seminars to the operating system for C-class procurement
C-class procurement refers to indirect spend with low unit value but high transaction volume: events, catering, supplies, office furniture, training, and one-off consulting. According to Boston Consulting Group analyses cited by procurement departments, these line items account for 20 to 25% of large companies' indirect spend and up to 80% of invoice volume, with processing costs that often exceed the value purchased.
Naboo is targeting this friction point. Its promise: centralize sourcing, budget planning, supplier compliance, and payment in a single interface, replacing fragmented tools (legacy procure-to-pay systems, ERP, emails, Excel spreadsheets). Generative AI is used to support the drafting of specifications, automatically compare quotes, and automate compliance (CSR, CSRD, supplier checks).
The target in numbers: €1 billion in managed volume within 2 years
The company currently claims around €60M in intermediated business volume and 4,000 partners in the seminars vertical. The stated target is €1 billion in managed volume by 2028, extended to all C-class spend. That implies a 16x increase in processed volume and the opening of several procurement categories beyond events.
The indirect procurement platform market: a contested space
The indirect procurement platform segment is hotly contested. In the United States, Coupa (acquired for $8 billion by Thoma Bravo in 2023) dominates enterprise procurement. At the mid-market level, France's Manutan and Pivot, along with Germany's Mercanis, target comparable footprints. Naboo's claimed differentiator is verticalization by use case (seminars, events, one-off consulting engagements), with a simpler purchasing journey than legacy P2P ERPs.
The announced US expansion targets New York, a market considered favorable for enterprise B2B SaaS. Local competition includes Cvent (pure-play events), Bizzabo and Splash, as well as expense management players like Ramp, Brex and Navan, which are also drifting toward procurement.
Why Lightspeed is entering now
Lightspeed Venture Partners, based in Menlo Park with a Paris office since 2024, has invested in Mistral AI (France), Snap, Affirm and Carta, among others. Its recent thesis targets vertical B2B SaaS companies with fast distribution and an agentic AI layer. Naboo ticks both boxes, with a shortened sales cycle driven by its initial verticalization and a strong bet on generative AI to automate sourcing.
Open questions for Naboo's trajectory
Several angles will require close monitoring:
- Gross margin and take rate: the shift from an agency model (transaction commission) to a SaaS model (subscription plus take rate) still needs to be validated on the 2025-2026 cohort.
- Verticalization vs horizontalization: opening several indirect procurement categories in parallel complicates the product and can dilute the simple promise that drove the initial success.
- US acquisition: conquering the New York market from Paris typically takes 18 to 24 months and an acquisition cost two to three times higher than in the French market.
What this means for procurement and marketing leadership
For procurement leaders at large accounts, the arrival of a fast-growing player in Class C procurement forces a rethink of the tooling stack. For marketing leaders, who spend heavily on events and production, it's an opportunity to regain control over historically opaque budgets. growth marketing agencies and AI teams working with B2B SaaS scale-ups will benefit from understanding this new category.
FAQ
What is the exact amount of Naboo's Series B?
On February 10, 2026, Naboo announced a €60 million Series B led by Lightspeed Venture Partners, with participation from ISAI, Notion Capital, CapHorn and Ternel.
When was Naboo founded and by whom?
Naboo was founded in 2023 in Paris by Maxime Eduardo, a former Oliver Wyman consultant, and his co-founders. In three years, the company went from seminar booking to a Class C indirect procurement platform.
What are the Class C purchases Naboo targets?
Class C purchases are low-unit-value indirect spend (events, training, one-off consulting, supplies) that accounts for 20 to 25% of large companies' indirect spend but up to 80% of invoice volume.
Who are Naboo's direct competitors?
In B2B events: Cvent, Bizzabo, Splash. In broader indirect procurement: Coupa, Pivot, Mercanis and expense management platforms like Ramp, Brex and Navan.
What target has Naboo announced after its Series B?
The stated goal is to reach €1 billion in managed procurement volume by 2028, up from around €60M today, with expansion into the United States (opening an office in New York) and stronger agentic AI capabilities to automate sourcing, compliance and invoicing.
How much has Naboo raised in total since its founding?
With this Series B, Naboo has raised around €90 million in total since 2023: €2.5M in pre-seed, €7.5M in seed led by ISAI in late 2023, €20M in Series A led by Notion Capital in early 2025, and €60M in Series B led by Lightspeed Venture Partners in February 2026, as detailed by Maddyness.