Mercanis, a Berlin, Germany-based provider of procurement software solutions, raised $10 million in a seed funding round led by Singals.VC, DI Technology, and Speedinvest.
Notable entrepreneurs and angels such as Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic (Instana), and Victor Jacobsson (Klarna) also participated.
The funding will be used for R&D, the AI-powered procurement platform, customer growth, and team expansion.
Mercanis offers user-friendly sourcing and supplier management tools that utilize networking advantages and automated processes to achieve cost savings of more than 40%.
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 aims to transform how businesses make purchasing decisions and interact with service providers using data insights and artificial intelligence (AI). The software already uses large language models (LLMs) in contract analysis and autonomous sourcing.
The successful seed funding round will propel Mercanis toward growth and innovation. The investment will primarily be channeled into product development, including further exploration of AI's potential within the Mercanis procurement suite.
Company: Mercanis GmbH
Raised: $10.0M
Round: Seed Round
Funding Month: August 2023
Lead Investors: Singals.VC, DI Technology, and Speedinvest
Additional Investors: Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic, and Victor Jacobsson
Company Website: https://www.mercanis.com/
Software Category: Procurement Software
About the Company: Founded in 2020 by Fabian Heinrich and Moritz Weiermann, Mercanis provides a procurement suite solution that specializes in sourcing and supplier management. The company serves a wide array of distinguished clients, including Linde, Wilson, Frutiger, and Hypoport. Mercanis aims to transform procurement by offering a comprehensive set of products emphasizing four key areas: Spend Analytics, Sourcing and Request Events (RFx), Supplier Management (SRM), and Contract Management.
Source: https://www.prnewswire.com/news-releases/mercanis-raises-10m-series-seed-investment-in-mission-to-boost-further-savings-for-procurement-teams-301903388.html