Image credits: CNC24
Berlin-based CNC24, a precision parts procurement platform, announced on Thursday that it has raised €8.25M in a Series A round of funding. Future Industry Ventures led the round along with venture capitalist Coparion.
The German company says it will use the funds to accelerate product development, ramp up sales organisation and recruit new employees. The company is also planning to expand into new markets.
CNC24: What you need to know
Sourcing industrial components can be costly and time-intensive, especially for small and medium-sized enterprises (SMEs) and deep tech ventures. The key to successful sourcing lies in finding the right partner who can provide the right mix of quality and price for your needs.
Founded in 2019 by Willi Ruopp and Marlon Gerat, CNC24 is on a mission to solve this challenge for the manufacturing industry through an AI-powered B2B marketplace platform.
Through digitised procurement, the company helps SMEs and other firms source industrial components from global suppliers’ networks. CNC24 says its global network of suppliers enables it to guarantee material availability and on-time delivery of components at all times.
With this approach, the company has already generated an offer volume of over €500M after just three years, says the press release.
Stefan Martinez, Investment Manager at coparion, says, “The strong focus on high-quality and intensive customer support in the right place sets CNC24 apart from the competition. This can also be seen in the great customer feedback and strong sales growth.”
Osborne Clarke, a London-based legal practice, advised Future Industry Ventures as a lead investor and coparion.
Stefano Gurciullo, Partner at Future Industry Ventures, says, “In increasingly volatile markets struck by supply chain risks, CNC24 addresses a major thorn in the side of the manufacturing industry. In addition, 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.”
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