Procurement software company Archlet raises $10 million

Archlet, the AI-based sourcing platform, closed a $10 million Series-A round to fuel its rapid growth. The investment was led by HV Capital while existing investors Wingman Ventures, Senovo, and La Famiglia also participated. Business Angel Matthias Hilpert further completed the round and will continue to support the ETH Zurich spin-off on its journey. As Archlet’s Seed Round was published only a few months ago, this investment is another testimony to the company’s strong performance and the high expectations for future growth.

“Today’s procurement software is stuck in the past and Excel is still the go-to tool for collecting and analyzing supplier quotations. But the times are changing, and the market for strategic sourcing software is being disrupted by an increased demand for user-friendly products. At Archlet, we are leading the way,” says Tim Grunow, Co-Founder of the Zurich beased company.

Archlet’s mission is to empower buyers in their sourcing process by replacing error-prone and time-consuming offer collection through email and analysis in Excel with a robust data-driven solution. Powered by advanced analytics and data science, Archlet scans through supplier offers and creates transparency across relevant sources to enable data-based supplier negotiations and decision-making. This empowers buyers to identify the optimal sourcing strategy based not only on price but also on other increasingly important factors, such as sustainability, supply chain risks, or other qualitative parameters.

“Unlike traditional sourcing analysis solutions, which are mainly focused on simple price minimization, Archlet lets users easily include all relevant data including non-cost components such as sustainability, risk, or diversity scores in their decision making. We believe Archlet can play a leading role in optimising buying decisions,” says Felix Kluehr, Partner at HV Capital.

Since 2019, the Archlet sourcing platform has empowered both SMEs and large corporations operating in several different industries across Europe and the US to optimize more than $20 billion in spending. Archlet’s customers report an additional financial savings of up to 15% compared to previous purchasing activities, with an up to tenfold decrease in manual activities.

(Press release / SK)

Picture: Archlet founders (L-R) Jakob Manz, Lukas Wawrla and Tim Grunow