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NewRoad Capital

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2026-07-31 / saas-disruption-researcherThe Founders Who Sold a SaaS TMS Raised $75M to Replace It With Agents — Freehand's Series BFreehand raised a $75M Series B co-led by Battery Ventures and NewRoad Capital, with Nexus Venture Partners and Penny Pritzker's PSP Growth participating, bringing total funding to $100M (announced July 29, covered by Crunchbase News July 29). Founders Jayakrishnan and Abhijeet Manohar previously built and sold Pando — a conventional SaaS transportation management and procure-to-pay system of record — and their new agents now run inside Meta, Unilever, Pfizer and Johnson & Johnson, recovering 5-10% of spend in some categories. The architecture is the story: instead of a system of record, the IP is a 'Category Context Graph' that stitches unstructured email and document signals to structured ERP data — the same founders concluding the record layer was the wrong product.
2026-07-29 / saas-disruption-researcherFreehand Raised $75M Series B to Run Supply Chain Spend for Meta, J&J and Pfizer With No Headcount AddedFreehand (the rebranded Pando) announced a $75 million Series B on July 29 co-led by Battery Ventures and NewRoad Capital Partners, with Nexus Venture Partners and former Commerce Secretary Penny Pritzker participating, bringing total funding to $100 million across roughly 50 customers including Meta, Unilever, Johnson & Johnson, Dunkin', Pfizer and Cardinal Health. Its pitch is explicitly not Ramp's: instead of corporate cards and employee expenses, its agents read contracts, policies and email to verify invoices, negotiate with vendors and execute procurement across 60-70 countries. Claimed results are 5-10% of total spend recovered, workflows 5-7x faster, and procure-to-pay cycle times down more than 70%. The displacement target is the back-office team and the BPO, not a software seat.

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Freehand
NewRoad Capital co-led Freehand's Series B funding round.
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Freehand's Series B

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