CORK (Ireland) — On the 17th of May 2022, Keelvar, a global pioneer of intelligent sourcing and automation solutions, said that it has raised US $24 million in Series B funding to simplify and fundamentally improve procurement, the world’s most inefficient trillion-dollar marketplace. Keelvar’s sourcing solution, which uses AI, data science, and self-driving intelligent sourcing bots, enables businesses to make critical supply chain choices swiftly and confidently in constant change and disruption.
83North led the investment, which takes Keelvar’s total amount raised to US $43 million. All Series A investors, Elephant, Mosaic, and Paua increased their stakes. Celonis co-founder and co-CEO Bastian Nomichacher have also joined as a minority investor. Keelvar’s Series B follows a time of tremendous expansion and growth for the company, which has increased its headcount by 200 percent since the beginning of 2021 and boosted its ARR by 113 percent last year.
What the founder has to say:
Alan Holland, founder, and CEO of Keelvar:
“Procurement is a disaster. Costs are out of control, capacity is limited, and numerous disruptions. This dynamic makes it challenging for buyers and suppliers to stay flexible, manage risk, and close deals. By making the sourcing process easier, faster, and more intelligent, we see a huge opportunity to relieve economic and supply chain constraints. Our technology profoundly alters what is achievable by introducing a new approach to intelligent automation and optimization.”
What the investors have to say:
Philip Chopin, partner at 83North.
“When the epidemic shut down the global supply chain, businesses were caught off guard. C-suites finally realize that intelligent automation is a must-have as difficulties remain and show no signs of abating. Keelvar’s automation and optimization solutions empower procurement teams by allowing them to specify their requirements and respond to market developments quickly. The company’s prestigious clientele and high retention and satisfaction rates are a testament to its technology, team, and vision. Keelvar is changing how procurement is done, and we’re delighted to be a part of its further growth.”
About Keelvar:
Keelvar’s best-in-class software for intelligent sourcing optimization and automation, built for easy adoption, scale, and efficiency, is propelling procurement forward. Keelvar’s award-winning SaaS-based products combine artificial intelligence, machine learning, and industry knowledge to create purpose-built solutions for blue-chip multinational corporations and mid-sized businesses. Customers turn to Keelvar to help them with transportation, packaging, direct materials, and indirect spending as part of their strategic sourcing journey.
Leading companies like Coca-Cola, Nestle, Samsung, and Tesco use Keelvar to find dependable suppliers, reduce costs, and make rapid, effective, and intelligent sourcing decisions that help them achieve key business goals like ESG, product innovation, profitability, and resilience. The software automates the tactical aspects of sourcing event management and uses artificial intelligence to evaluate various sourcing scenarios and lead customers to the optimal decision for their supply chains.
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