Procure Ship
Procureship Purchasing App.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
* | N/A | Growth Equity VC | |
| Total Funding | 000k | ||
Procure Ship, founded in 2016 by Grigoris Lamprou and Aris Manassakis, operates an e-procurement platform designed for the maritime industry. The founders identified a market opportunity to digitize and automate the complex and often fragmented procurement processes within shipping, drawing on their backgrounds in shipping and data analytics. Lamprou, who previously worked at the Safe Ship Investment Fund, serves as CEO, while Manassakis, formerly with Deloitte, is the COO. The company launched its platform in September 2016 and is headquartered in Athens, Greece, with additional offices in Copenhagen and Singapore to expand its sales and operational activities.
The company's business model is centered on a cloud-based marketplace that connects marine buyers, such as shipowners and managers, with a global network of suppliers and service providers. Revenue is generated through a fixed fee charged to buyers per vessel per month. The platform serves a global clientele, including over 100 buyers who manage a collective of more than 2,300 vessels. Procure Ship's platform is designed to integrate with existing Enterprise Resource Planning (ERP) systems used in the marine industry, automating data exchange and streamlining workflows. This integration allows users to manage the entire procurement cycle, from request for quotation (RFQ) creation to delivery and invoicing, directly through the system.
The core of Procure Ship's offering is a suite of software tools that optimize purchasing operations. A key feature is a supplier recommendation engine that uses machine learning algorithms to suggest suitable suppliers for each inquiry based on trading data. The platform also provides functionalities for vendor management, tender and contract management, freight forwarding optimization, and e-invoicing with an AI-powered solution that automatically reads and matches invoices. Additionally, it assists with compliance for the Inventory of Hazardous Materials (IHM) by facilitating the collection and storage of required documentation. By automating manual tasks, the platform aims to increase operational efficiency by up to 60% and has been shown to improve order processing times by up to 35%.
Keywords: maritime procurement, e-procurement platform, shipping industry, marine suppliers, ship procurement, vessel purchasing, supply chain management, procurement automation, marine marketplace, freight forwarding, shipowner solutions, ship manager tools, vendor management, e-invoicing, IHM maintenance, maritime technology, Grigoris Lamprou, Aris Manassakis, marine logistics, vessel operations, cost saving, supplier recommendation engine, digital procurement, marine services, shipping data analytics