Hamburg-based Procuros raises USD 9 million in seed funding
The Hamburg-based Procuros has raised USD 9 million (EUR 8.3 million) in seed capital in an investment round led by Point Nine and Creandum with Paua Ventures and the existing investor btov. The start-up will put the fresh capital towards more automated B2B transactions including orders, delivery notes and invoices and is targeting medium-sized suppliers in mechanical engineering and those in food retail sector.
From fax to direct exchange of data
Although digitalisation has simplified communication between companies, many firms still place their orders and invoices by e-mail or fax. Patrick Thelen and Benjamin Wulff, founders of Procuros, are now targeting this group with their digital integration platform which links up suppliers with trading partners by exchanging data between IT systems. This could reduce manual work and errors by up to 90 per cent. "Our core mission is to help companies focus on their business - by transforming tedious manual work into automated processes," the start-up wrote on LinkedIn.
Start-up to expand sales
Last September, Procuros raised EUR 1 million and will also the fresh capital towards recruiting staff for the sales division and product development. Angel investors including Denise Persson (CMO Snowflake), David Clarke (former CTO Workday), and Thijn Lamers (Adyen founding team) showed their support in the latest funding round.