Based in Hamburg Shopping raised $9 million in a seed funding round. The company aims to untangle the mess that the B2B supply chain has become, at least in terms of orders, delivery notes and invoices. The capital will be used to further develop the platform’s offer as well as to strengthen the technical and commercial team.
Explain the rationale behind Procuros, CTO Benjamin Wulf explains, “B2B transactions are based on technology that hasn’t seen innovation since the 90s. Procuros is reimagining how companies can digitally connect with their trading partners without the need for expensive and cumbersome legacy technologies.
Now, if you’re like me, you might be thinking, wait, isn’t that exactly what the people at Sento do? Yes and no.
“Somewhat similar, but we are a true one-to-one platform, which means that through Procuros, companies can connect with their trading partners regardless of the systems the trading partners use (for example, even if they use procurement platforms like SAP Ariba or in the future something like Nook.io as well),” the CEO explained. Patrick Thelen.
While the concept of being able to automate the sending of day-to-day operating orders may seem like child’s play to you and me, apparently that is not the case in some industries, as Procuros points out on “manual data entry and communication via fax or e-mail are still the norm”.
To my ears, it sounds like the long talk of “digitisierung” or “digitization” that has been buzzword in industry after industry for almost as long as I’ve been a photographer to document it. For example almost a decade.
However, it would appear that the Procuros are not just listening to the conversation, but doing something about it.
Tackling legacy players that require technology stacks (if we even dare to call it that), that require EDI (electronic data interchange), for example one-to-one connections between a multitude of different computer systems, Procuros is the wrangler at the legacy corral, gathering all the cats into one common hold. With, depending on the company, installation and commissioning in just a few clicks.
So far, the offering has merit, as the startup has fast-moving consumer goods and industrial customers among its customer base, including Bosch, Flaschenpost, Reishunger and Ankerkraut.
Procuros’ $9 million seed round was led by point nine and Creandum with Paua Ventureswith existing investor btov participant. Angel investors, including Denise (CMO Snowflake), David Clark (former Workday CTO), and Thijn Lamers (founding team of Adyen) also showed their support.
“There is a huge need to digitize B2B transactions, but it has lagged due to lengthy manual and costly onboarding processes. We were immediately excited when we saw how Procuros’ unique API product enables partners to get online in no time,” commented Peter Specht of Creandum. “Their strong demand from customers across industries reflects the quest for effective communication and harmonized data across supply chains.”