Press Release: ProcurementFlow secured 600 000€ in funding to automate procurement teamwork
Press: ProcurementFlow, the Estonian procurement digitalisation SaaS which is bringing love 💚 back to procurement teamwork using automation, raised €0.6 million from high-profile investors including the founders of Bolt and Pipedrive.
“Procurement is regarded as the biggest cost function, as on average 43% of all costs go through procurement function. This makes it a stressful and complicated environment to work in. ProcurementFlow will turn this biggest cost function into a profit generator. With us, companies reduce time-to-market for new products and services as well as enable supplier-led innovation,” said Tarmo Saidla, CEO of ProcurementFlow.
Across Europe, there are around 30 000 companies that manufacture tailored products based on customer requirements. This means a massive amount of unstructured communication linked with each and every purchase request. Tarmo Saidla previously led sourcing and supply chain analysis at the global industrial group ABB and hence knows the problems inside out. In addition to manufacturing, ProcurementFlow also works with customers in the Civil Engineering, Energy, Food and Beverages sector, where the issues are similar.
“ProcurementFlow is all about maximising the value of people, process and collaboration. ERPs are typical Systems of Record and they are missing the people and collaboration aspect, and this is how ProcurementFlow brings and engagement back to procurement!” added Marius Arras, co-founder of ProcurementFlow.
The investment round was led by Lemonade Stand the new angel investment fund entering the VC & private equity space in Estonia. Other backers include AdCash founder Thomas Padovani and Bellone Invest, Stagnation Lab, Katana MRP co-founder Kristjan Vilosius, Skeleton Technologies founders Taavi Madiberk and Oliver Ahlberg, Pipedrive co-founder Martin Henk and unicorn Bolt co-founder Martin Villig.
“95% of procurement professionals believe they’ll see a digital transformation within the next two to three years, according to The Hackett Group. ProcurementFlow has the right team, timing, and ambition to have a significant impact in this domain,” said Siim Teller, the Managing Partner of Lemonade Stand.
ProcurementFlow is a cloud-based platform that radically changes how the procurement function works. The company is founded by procurement people and made for procurement teams to manage their work and cooperation with internal and external partners.
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