Hailing from the alpine town we all know and love, procurement specialist Matchory has raised €1.6 million in a seed round led by Earlybird UNI-X. The fresh injection will allow the company to continue to develop its SaaS solution, including the integration of additional data sources (more on that below) and bringing aboard new features.
Let’s be frank: sourcin’ ain’t easy. If it isn’t sidestepping geopolitical landmines, in some cases quite literally, it’s the supply chain shortages that have become so ubiquitous I’m starting to think that these are no longer shortages, but rather, a stern check of reality, and in fact, the new normal.
If procurement pros weren’t already pulling their hair out, just for good measure, for our German friends, let’s toss in some requirements from the upcoming Supply Chain Act, and add a dash of the fact that most, wait for it …. buyers are still organising things … ready? manually. I kid you not. Or at least, Matchory kids you not.
According to Matchory, this results in less than 1% of all available data points being taken into account. To say that putting together the setlist can be quite the challenge might be a bit of an understatement.
Ok, now let’s pull this full circle with Matchory’s complete antithesis to the status quo.
Working backward, and addressing the age-old horse of digitalisierung, or digitalisation, a term that we’ve heard for years across the German market, Matchory is making good on this promise in the procurement sector by offering CPOs an automated way of conducting supplier search and evolution via a global database that all but eliminates the otherwise manual search mechanism of today. And they’re doing it with an increasingly heightened level of transparency, a factor that plays into the Supply Chain Act and is sure to make both procurers and customers smile.
“Increasing transparency in the supply chain is becoming a key factor for companies to make efficient and sustainable decisions when manufacturing products and selecting suitable suppliers. Therefore, the fast availability of information about supply chains and individual suppliers is crucial for business success,” commented CEO and co-founder Aiko Wiegand.
Through their database proposition, a platform that according to Matchory, provides access to over 10 million suppliers, is also lending itself well to companies proactively optimising their supply chains. With more than 2 billion structured data points on hand, Matchory provides procurement professionals with info on over 95% of all relevant suppliers. I guess this would depend upon the industry, but as an overall benchmark, I’m willing to take their word for it.
Again, according to the company, clients, which currently include DMG Mori, tesa, Bosch, and more than 1,000 others, can cut production costs by up to 35%, and speed up time-to-market by a factor of anywhere between 50% and 85%.
Matchory’s €1.6 million seed round was led by Earlybird UNI-X, akatm (also known as to me) as Earlierbird, and included a number of undisclosed angel investors active in various industries and procurement sectors.
“We are convinced that Matchory has the right solution and timing to address key needs of global companies and to ensure more reliable supply chains,” concluded Earlybird UNI-X’s Dr. Frédéric du Bois-Reymond.