Home Business amount Cork-based Keelvar raises €23m in Series B funding round

Cork-based Keelvar raises €23m in Series B funding round

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Cork-based Keelvar has raised $24m (€23m) in a Series B funding round that will help the company simplify procurement and continue growing in the US.

The round, which was led by 83North, brings the total amount raised by the company to $43 million.

Investors from its Series A round, which took place in 2020 and raised $18 million, also backed the company again, with participation from Boston-based VC Elephant, London-based Mosaic and Berlin VC Paua. , and Celonis co-founder Bastian Nomichacher as a minority. investor.

Founded in 2012, Keelvar has developed automation and optimization software for use in enterprise purchasing, using AI-enabled procurement bots to automate purchasing processes and help customers take supply chain decisions quickly.

Keelvar’s technology could be a useful weapon for companies looking to counter disruptions to their supply chains, with Covid-19 being one of the factors that has made supply chains more complex in recent years.

Spinning out of University College Cork, the company has grown rapidly in recent months, with a 200% increase in its workforce since the start of 2021 and a 113% increase in annual recurring revenue last year.

Founder Alan Holland is a former lecturer in AI at UCC’s Department of Computer Science.

“The supply is broken. Costs are out of control, capacity is scarce, and disruption is everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to stay nimble, manage risk and close deals,” said Mr. Holland, Managing Director of Keelvar.

“We see a huge opportunity to alleviate economic and supply chain bottlenecks by making the procurement process easier, faster and smarter. Our technology fundamentally changes what’s possible by delivering a new approach to intelligent automation and optimization.

The company plans to use this investment to drive its growth in the United States, with growing demand for smart procurement solutions in the market. It also plans new solutions for large and midsize enterprises, with the goal of making procurement automation frictionless, code-free, and accessible to everyone. Its customers include Coca-Cola, Nestlé, Samsung and Tesco.

“Companies were caught off guard when the pandemic crippled the global supply chain. While the problems persist and show no signs of letting up, C-suites are finally recognizing that intelligent automation is a must,” said Philip Chopin, Partner at 83North.

“Keelvar’s unique automation and optimization solutions empower procurement teams by helping them easily define their needs and react faster to market changes. The company’s top-notch customer list and incredible retention and satisfaction rates are a powerful testament to its technology, team and vision. »