ProcurementTech company announces seed funding
Munich, 17 August 2022 - ProcurementTech Startup Matchory has raised 1.6 million EUR in a seed funding round led by Earlybird Venture Capital’s UNI-X team, alongside angel investors from industry and procurement. The Germany-based company has built an AI-driven procurement platform that collects relevant supplier information along the supply chain and makes it centrally available to strategic sourcing. With its smart solution, Matchory is operating in a promising growth market and is already utilized by major multinationals including DMG Mori, tesa and Bosch.
From geopolitical risks to supply chain shortages, economies around the world are more than ever striving to be prepared for unexpected events. In addition, upcoming Supply Chain Act requirements make it even more challenging to identify suitable suppliers and to build a diverse supplier pool within a healthy procurement ecosystem. Millions of buyers still organize their supplier data manually, resulting in less than 1% of available data points being taken into account. Matchory is addressing those procurement challenges and makes supply chains transparent, flexible and resilient. Strategic sourcing will play a crucial role in anticipating and minimizing corporate risks as well as recovering from inevitable disruptions, giving companies the competitive edge they need in a rapidly changing market environment. Therefore buyers crave transparency and flexibility, which is why digital transformation is on the top of the agenda for most CPOs.
With state-of-the-art technology Matchory successfully automates otherwise highly manual and inefficient supplier search and evaluation. By providing relevant and dynamic supplier data in real-time, the global supplier database empowers procurement departments to proactively optimize their supply chains. Today, the database includes more than 10 million suppliers in the B2B sector worldwide and is growing continuously. The solution makes it possible to search and identify over 95% of all relevant suppliers worldwide in one central platform. Matchory’s future sourcing solution brings savings in production costs of up to 35% and accelerates time-to-market by 50% to 85%. More than 2 billion structured data points provide a clear picture of the global market and help procurement identify and evaluate the most promising suppliers. To guarantee world-class data, Matchory aggregates, screens, and analyzes supplier information worldwide from millions of data sources. With headquarters in Munich and Frankfurt, the unique supplier discovery is already used by over 1000 companies on a regular basis.
“Increasing transparency in the supply chain is becoming a key factor for companies to make efficient and sustainable decisions when manufacturing products and selecting suitable suppliers. Therefore, the fast availability of information about supply chains and individual suppliers is crucial for business success. The investment will enable us to further develop our software-as-a-service (SaaS) solution, to integrate additional data sources, and to offer exciting new features.” comments Aiko Wiegand, Co-Founder and CEO of Matchory.
Compared to similar solutions, the industry independent SaaS-platform Matchory focuses on a system that is open, flexible and easy to integrate within procurement ecosystems. Strategic sourcing can manage its entire supplier portfolio in a structured way and, with the help of an early warning system, receives notifications about potential risks in existing supply chains. Various tools support purchasing to eliminate risks in a timely manner and ultimately establishing more sustainable and transparent supply chains – leading to higher product quality.
Nils Liskien, Co-Founder and CPO of Matchory adds “Working closely with customers and partners from economy and industry, we have developed a unique solution that enables strategic sourcing to meet the multiple demands imposed on supply chains”
Dr. Frédéric du Bois-Reymond, Earlybird UNI-X Partner, shares: “We are convinced that Matchory has the right solution and timing to address key needs of global companies and to ensure more reliable supply chains. We are super happy to be part of their journey!”
Matchory brings transparency to global supply chains and offers strategic sourcing an automated supplier search. By using big data and state-of-the-art technology, supplier information is aggregated worldwide, processed and compiled in a unique database. Intelligent search algorithms and artificial intelligence permanently optimize the search and adapt it to the user.
Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and development phases of a company. Amongst the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources, but also strategic and operational support as well as access to an international network and capital markets. Earlybird manages different funds with a focus on digital technologies in Eastern and Western Europe as well as healthcare technologies. With EUR 2 billion under management across all fund streams, 8 IPOs and 30 trade sales, Earlybird is one of the most established and active venture capital firms in Europe.
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