Archlet raised $10 million Series A round of funding led by HV Capital.

Archlet, a Zurich, Switzerland-based SAAS developer for the procurement industry, announced closing a $10 million series A funding round.

The money was raised from investors led by HV Capital, joined by existing shareholders Wingman Ventures, Senovo, and La Famiglia, as well as angel Matthias Hilpert.

Archlet, founded in 2019 by ETH Zürich alumni Jakob Manz, Lukas Wawrla and Tim Grunow, developed procurement technology that helps buyers and category managers to quickly enter supplier negotiations backed by relevant data.

The software aims to replace the manual, Excel-based offer analysis and guides buyers to the optimal award strategy in their sourcing events. It does that as it 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 on price and on other factors, such as sustainability, supply chain risks, or other qualitative parameters.

The company offers its cloud-based advanced sourcing solution to SMEs and large enterprises across different industries.

Archlet previously raised $2.8 million in January 2021.