Procuros Company Profile

Background

Procuros is a Hamburg-based startup founded in 2021, dedicated to transforming B2B transactions by automating and digitizing traditionally manual, paper-based processes. The company's mission is to streamline data exchange between suppliers and trade partners, enhancing efficiency and scalability.

Key Strategic Focus

Procuros focuses on providing a cloud-based platform that automates B2B transactions, enabling seamless integration between companies and their trade partners. The platform supports various industries, including fast-moving consumer goods (FMCG), retail, and manufacturing, by offering solutions that reduce manual effort, ensure compliance with retailer requirements, and accelerate cash collection.

Financials and Funding

Since its inception, Procuros has secured significant funding to support its growth and development:

Pre-Seed Funding (September 2021): Raised €1 million from btov Partners and several business angels.

Seed Funding (April 2022): Secured $9 million in a round led by Point Nine and Creandum, with participation from Paua Ventures and existing investor btov Partners. Notable angel investors included Denise Persson (CMO of Snowflake), David Clarke (former CTO of Workday), and Thijn Lamers (Adyen founding team).

The capital has been utilized to enhance the platform's offerings and expand the tech and sales teams.

Technological Platform and Innovation

Procuros distinguishes itself through its innovative technological platform:

Procuros Integration Hub: A cloud-based solution that automates B2B transactions, allowing companies to connect with trade partners regardless of their existing systems. The platform supports various data formats, including EDI, PDF, and Excel, and integrates seamlessly with major ERP systems.

AI-Driven Document Processing: The platform employs artificial intelligence to extract and process information from any document format automatically, reducing manual effort by over 90%.

Leadership Team

Patrick Thelen, Co-Founder & CEO: Patrick has a background in industrial engineering and management consulting, with experience at the Boston Consulting Group. His international exposure and entrepreneurial spirit led him to co-found Procuros.

Benjamin Wulff, Co-Founder & CTO: Benjamin is a software expert with experience in digitalizing procurement processes at Airbus and co-founding the startup Gaia Nutrition. His technical expertise drives the development of Procuros' platform.

Competitor Profile

Market Insights and Dynamics

The B2B transaction automation market is experiencing significant growth, driven by the need for digital transformation and efficiency in supply chain processes. Companies are increasingly seeking solutions that integrate seamlessly with existing systems and support various data formats.

Competitor Analysis

Procuros faces competition from several established companies:

o9 Solutions: Founded in 2009, o9 Solutions offers AI-powered software for enterprise planning and decision-making. With a workforce of 1,000 to 5,000 employees and substantial funding, o9 Solutions generates significant revenue in the supply chain management industry.

E2open: Established in 2000, E2open provides supply chain management solutions and has a larger employee base compared to Procuros.

Tradeshift: Founded in 2005, Tradeshift focuses on supply chain payments and marketplaces, offering solutions that compete with Procuros' offerings.

Strategic Collaborations and Partnerships

Procuros has established partnerships to enhance its market position and innovation capacity:

Technology Partnerships: Collaborates with ERP platform providers to extend software functionalities, offering seamless user experiences and increased user interaction.

Referral Partnerships: Works with consulting and IT services to provide comprehensive digital solutions, driving joint customer success and accelerating digital journeys.

Developer Partnerships: Partners with IT companies to fast-track business integration processes using Procuros' API technology.

Operational Insights

Procuros differentiates itself by offering a one-to-all platform that connects companies with their trade partners, regardless of the partners' existing systems. This approach eliminates the need for expensive and cumbersome legacy technologies, providing a scalable and efficient solution for B2B transactions.