Keelvar, the Irish company which offers strategic sourcing software and automation has announced picking up $18 million in a fresh round of financing. The round has been dubbed as Series A financing and has been co-led by Elephant Ventures and Mosaic Ventures. The capital round also saw participation from Paua Ventures. Before this round, the firm had raised around $650K in a seed capital way back in 2012 from Act Venture Capital. The other backers of the firm include Enterprise Equity and Enterprise Ireland.
Keelvar was founded in 2012 by Alan Holland as a platform that offers large enterprises with “Advanced Sourcing Optimization” software and “Intelligent Sourcing Automation” which are powered by AI and machine learning.
The fresh financing will help the company expand its presence in Europe as well as the US. It counts names like Siemens, Coca-Cola, Novartis, BMW, and Samsung among its notable customers. The firm claims to manage more than $90 billion in annual spend for its customers all over the world.
Holland, the CEO of the firm, through a statement, said that “The Future of Work in procurement is changing quickly, with COVID19 acting as a catalyst. We have witnessed an escalation in demand from enterprises seeking intelligent systems to automate complex processes as teams became overburdened with disrupted supply chains. Keelvar has proven that Sourcing Bots can relieve that burden enormously. Now it’s time to hit the accelerator and scale-up.”
Elephant Ventures' partner Peter Fallon said, "Keelvar’s sourcing optimization and automation software delivers meaningful ROI to enterprise sourcing and procurement organizations globally. We are excited to partner with Alan Holland and the team at Keelvar as the company continues to emerge as a leader in this market."
Mosaic Ventures co-founder and a partner at the firm, Tobby Coppel feels that the ongoing COVID-19 is pushing the world to use new technologies and methods and Keelvar is among those who can deliver for the customers.
Image courtesy: Act Venture Capital