German startup Mercanis announced the completion of its latest seed funding of €9.2 million led by institutional funds such as Signals.VC, DI Technology, and Speedinvest. Successful entrepreneurs and well-known angels such as Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic (Instana), Victor Jacobsson (Klarna) also played a significant role.
According to Mercanis, it set itself apart from competitors with its easy-to-use sourcing and supplier management tools. These tools leverage networking benefits and automated processes to save more than 40% of the costs.
Fabian Heinrich, CEO and Co-Founder of Mercanis, stated: “We’re immensely grateful for the trust shown in this funding round. It underscores the vital role of forward-thinking procurement software in today’s economic landscape. In these challenging times marked by inflation and recession, Mercanis doesn’t just facilitate growth. Our solution delivers cost and time efficiencies, while also offering a robust defense against risks for our clients.”
Mercanis was founded in 2020 by Fabian Heinrich and Moritz Weiermann. By using data insights and Artificial Intelligence the startup strives to reshape how businesses make purchasing decisions and interact with service providers. Following the successful seed funding round, Mercanis plans to catalyze growth and innovation by using the investment for the core areas. The primary focus will be on product development, including further exploiting the potential of Artificial Intelligence (AI) within the Mercanis procurement suite. The software already uses large language models (LLMs) in contract analysis and autonomous sourcing. Beyond product innovation, a portion of the funding will be channeled towards expanding Go-to-Market strategies, with an aim to share more success stories and broaden the customer base.
Dr. Daniel Kirchleitner, General Partner of Signals.vc, affirmed: “Given the macro challenges and the center stage role procurement is supposed to take today, there is no other software platform trying to solve this issue as they are. Not only with their combination of process automation, predictive analytics and AI, but more importantly with its suite approach, Mercanis delivers a unique compounded product value to its customers.”
The current macroeconomic challenges as well as the inflation have added to the financial burden companies are carrying and make the implementation of revolutionary technologies even more crucial. Sven Novak, Director Global Indirect Procurement at Amer Sports, has noted how Mercanis’ software brings efficiency and transparency to organizations, emphasizing that during times of crisis, it allows companies to scale capabilities in a lean manner. Mercanis is already a trusted partner for global giants like Linde, Wilson, Arcteryx, Hypoport, and prominent Mittelstand players such as weinor, Oventrop, Frutiger.
Read the orginal article: https://www.eu-startups.com/2023/08/berlin-based-mercanis-raises-e9-2-million-to-reshape-how-businesses-approach-the-procurement-process/
