Law firm Hedman Partners has advised Estonian startup ProcurementFlow, a procurement digitalization SaaS startup, on securing over a €600,000 investment.
Hedman Partners drew up documentation necessary for the successful completion of the investment transaction and regulation of relations among partners.
ProcurementFlow secured a €600,000 in funding to automate procurement teamwork.
“Procurement is regarded as the biggest cost function, as on average 43% of all costs go through procurement function. This makes it a stressful and complicated environment to work in. ProcurementFlow will turn this biggest cost function into a profit generator. With us, companies reduce time-to-market for new products and services as well as enable supplier-led innovation,” said Tarmo Saidla, CEO of ProcurementFlow.
The investment round was led by Lemonade Stand, the new angel investment fund entering the VC & private equity space in Estonia.
The founders of ProcurementFlow come from industrial manufacturing. Across Europe, there are around 30 000 companies that manufacture tailored products based on customer requirements. ProcurementFlow is also working with customers in the Civil Engineering, Energy, Food and Beverages sector.