By Berlin-based startup CNC24 has raised €8.25 million ($8.33 million) in a Series A financing round to further develop its B2B precision parts procurement platform.
The platform helps small- to medium-sized businesses (SMBs) and other firms source industrial components from a global supplier network through a fully digitized procurement process, according to a Thursday (Aug. 18) press release from VC firm Osborne Clarke, which advised VC firm Future Industry Ventures and investment management company coparion on the financing round.
“In increasingly volatile markets struck by supply chain risks, CNC24 addresses a major thorn in the side of the manufacturing industry,” said Future Industry Ventures Partner Stefano Gurciullo. “We are impressed by CNC24’s strategy of mixing a platform approach with top grade quality assurance, ultimately saving truly substantial resources to their customers.”
In addition to further developing its platform, CNC24 will use the new funding to ramp up its sales organization, recruit new employees and expand into new markets, according to the release.
“The strong focus on high-quality and intensive customer support in the right place clearly sets CNC24 apart from the competition,” coparion Investment Manager Stefan Martinez said. “This can also be seen in the great customer feedback and strong sales growth.”
Custom requests and specific documentation about test reports and compliance add complexity to the fastening products industry too, Bay Supply Chief Operating Officer Michael Eichinger told PYMNTS in a January interview.
Read more: B2B Marketplace Aims to Simplify Nuts-and-Bolts Procurement Processes
Bay Supply launched its B2B eCommerce platform in January to make it easier for buyers to access available products, for distributors to respond to requests for quotes (RFQs) and for manufacturers to sell direct to customers, Eichinger said.
“I believe that consumers just want ease,” Eichinger said. “These are jobs — these are not people buying for fun — they’ve got to get it off their desks.”
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