ProcurementFlow

Founded in Tallinn, Estonia, in 2019 by Marius Arras and Tarmo Saidla, ProcurementFlow is a software-as-a-service (SaaS) company providing a cloud-based platform to digitize and automate procurement processes. The idea for the company originated when the founders were on a consulting project in China for a Tier 1 automotive company. CEO Tarmo Saidla brings extensive experience from his previous role in sourcing and supply chain analysis at the global industrial group ABB. This background provided him with firsthand knowledge of the inefficiencies in traditional procurement, which often relies on emails and spreadsheets.

ProcurementFlow offers a comprehensive Source-to-Pay (S2P) platform that serves as a collaborative workspace for procurement teams. The company's business model is subscription-based, catering to small and medium-sized companies across various sectors, including manufacturing, civil engineering, energy, and food and beverages. The platform is designed to manage the entire procurement workflow, from handling purchase requests and managing supplier relationships to contract management. It funnels all purchase requests into a centralized system, allowing teams to manage, split, or bundle them into Requests for Information (RFIs), Requests for Proposals (RFPs), and Purchase Orders (POs).

The platform's features are designed to improve efficiency and collaboration. It utilizes Kanban boards for visual workflow management, enabling users to track the status of every request. Key functionalities include workflow automation, a supplier portal, smart emailing, and integrations with existing ERP systems. By digitizing and structuring the communication and procurement process, the system aims to reduce time-to-market for new products and enable supplier-led innovation. The platform also provides analytics and KPIs to help businesses track performance and identify cost-saving opportunities. In November 2019, ProcurementFlow secured €600,000 in a seed funding round led by Lemonade Stand, with participation from notable angel investors, including the founders of Bolt and Pipedrive.

Keywords: procurement automation, source-to-pay, S2P, procurement workflow, supplier relationship management, SRM, contract management, eSourcing, purchase order management, strategic sourcing, procurement analytics, spend management, request for proposal, RFP, request for information, RFI, digital procurement, supply chain technology, procurement software, collaborative purchasing, Kanban for procurement