Matchory Secures €6M to enhance its AI-driven supplier discovery

Matchory is a German-based procurement technology startup that is leading the way in changing the way suppliers are discovered and supply chains are managed. The company recently secured €6 million in equity financing to further its mission of creating more resilient and sustainable procurement processes.

Company Overview

Founded by Aiko Wiegand, Martin Konradi, and Nils Liskien in 2019, Matchory covers critical challenges faced within the procurement and supply chain management realm. The firm’s AI-powered platform centralizes supplier information in order to better inform strategic decisions and promote more efficient, resilient, and sustainable procurement processes. 

By aggregating data from customs records and web-crawling sources, Matchory has created an extremely comprehensive database, including over 14 million supplier profiles which cover 98 percent of global manufacturers.

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Investment Amount

The €6m equity financing was led by Capnamic Ventures. Existing investors that participated in the round comprise Earlybird-X and experienced angel investors from both procurement and industry sectors. Such an investment serves as a stamp of confidence into Matchory’s innovative approach at procurement technology as well as great potential for significant change in the sector.

Strategic Goals

With the just acquired funding, Matchory seeks to do the following:

• Drive International Expansion: Deepen its footprint across Germany and Europe, thereby reaching a larger audience and establishing itself as a leader in procurement technology.
• Technological Capability Enhancement: Invest in new feature development, including APIs and additional data source integrations, to offer users more comprehensive and accurate supplier information.
• Market Position Strengthening: Cement its position in global supplier discovery and supply chain optimization, providing a one-stop shop for procurement needs.

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Innovative Technology

The platform leverages artificial intelligence and machine learning to aggregate and analyze vast amounts of data from various sources, such as customs records and web crawling. This approach allows for the development of detailed supplier profiles, thus giving users the right information in a timely manner. The incorporation of AI and machine learning, such as large language models, has further improved search functionality and the quality of results, setting Matchory apart from competitors.

Impact on Procurement and Supply Chain Management

Matchory’s platform addresses some of the biggest challenges in procurement and supply chain management by automating supplier discovery and centralizing supplier information:

• Transparency: Global supplier landscape clearly visible, leading to informed decision-making.
• Efficiency: Saves time and resources used for supplier scouting, freeing procurement professionals to do strategic work.
• Resilience: Provides the ability to create resilient supply chains that are robust and capable of absorbing shocks through access to a wide pool of suppliers.
• Sustainability: Enables selection of suppliers aligned with ESG criteria, thus enabling responsible sourcing.

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Clientele and Partnerships

Matchory’s innovative solution has attracted major international clients, including DMG Mori, Tesa, Bosch, and Jungheinrich. Additionally, the company has joined the Factory-X consortium, partnering with industry leaders like SAP and Siemens to advance supply chain digitization and develop industry standards.

Future Outlook

As the landscape of procurement is changing, Matchory is well poised to play a pivotal role in shaping its future. The company expects the currently fragmented procurement tool landscape to be consolidated, with an increase in the integration of tools and mergers among companies. Artificial intelligence is going to automate processes, ensure data quality optimization, and promote collaboration between suppliers and buyers.

Summary

German procurement technology company Matchory has raised €6 million in equity financing to enhance its AI-driven supplier discovery platform. The investment, led by Capnamic Ventures with participation from existing investors Earlybird-X and industry-specific angel investors, aims to support Matchory’s international expansion and technological advancements.