Zurich-based Archlet, a B2B SaaS application platform that empowers company buyers to make informed decisions in strategic sourcing, announced that it has secured $10M (approx €8.62M) in its Series A round of funding.
The fundraise comes early for Archlet, as it raised its $2.8M Seed round in January 2021. The additional capital will allow Archlet to further boost product development and to expand into new markets.
The round was led by HV Capital. Existing investors Wingman Ventures, Senovo, and La Famiglia also participated in this round. Business Angel Matthias Hilpert completed the round and said he will continue to support Archlet on its journey.
Pain point of the industry
Today, procurement departments face immense pressure to create bottom-line savings and at the same time diversify risks, increase sustainability, and improve supplier diversity. The sourcing software solutions capable of including these parameters are too complicated to use, making sourcing a tedious experience.