Keelvar, a Cork, Ireland-based global pioneer of intelligent sourcing and automation solutions, announced that it raised $24 million in Series B funding to simplify and radically improve procurement, the world’s most inefficient trillion-dollar marketplace.

The round was led by 83North, bringing Keelvar’s total capital raised to $43 million. Keelvar’s Series B builds off a period of rapid growth and expansion for the company, which increased its headcount by 200% since the start of 2021 and grew ARR by 113% last year.

Keelvar will leverage the investment to further scale in the United States, where demand for intelligent sourcing solutions is rapidly increasing.

Company: Keelvar Systems Ltd.

Raised: $24.0M

Round: Series B

Funding Month: May 2022

Lead Investors: 83North

Additional Investors: 

Company Website: https://www.keelvar.com/

Software Category: Sourcing Software

About the Company: Keelvar is moving procurement forward with its best-in-breed software for intelligent sourcing optimization and automation, designed for easy adoption, scale, and productivity. Keelvar’s SaaS-based award-winning products utilize artificial intelligence, machine learning, and category expertise to deliver purpose-built solutions that are delivering results for blue-chip global companies and mid-sized enterprises. Customers are turning to Keelvar to advance their strategic sourcing journey spanning logistics, packaging, direct materials, and indirect spending. Keelvar enables leading enterprises such as Coca-Cola, Nestle, Samsung, and Tesco to identify reliable suppliers, control costs, and make quick, effective, and smart sourcing decisions that drive key business objectives, like ESG, product innovation, profitability, and resilience.

Source: https://www.keelvar.com/newsroom/series-b-24m