Elephant, Mosaic Ventures lead $18m round for Keelvar

The company plans to use the investment to expand in Europe and the US, and invest further in R&D, including hiring new staff in areas including sales, marketing and professional services.

Keelvar said in a statement that it expects the need for supply chain automation to increase due to the Covid-19 pandemic.

Mosaic is currently deploying equity from Mosaic Ventures II, which held a final close in October 2018 on $150m. The firm focuses on series-A rounds.

Germany-based Paua invests in B2B technology companies, targeting early-stage and series-A rounds. Its $70m debut fund held a first close in December 2015 and has a five-year investment period. The fund deploys equity tickets of $200,000-2m and can deploy up to $6m.

Previous funding
In August 2012, ACT Ventures, Enterprise Equity and Enterprise Ireland baked a €750,000 round for Keelvar. The company intended to invest the fresh capital in developing its software.

Company
Keelvar produces sourcing software for businesses that aims to automate and optimise procurement and manage large-scale tender and bidding processes. Its clients include Siemens, Coca-Cola, Novartis, Samsung and BMW, according to a statement. According to the same statement, the software manages $90bn in procurement spending annually. Keelvar is based in Cork and was founded in 2012. It has 23 employees, according to LinkedIn.

People
Keelvar – Alan Holland (CEO).
Elephant – Peter Fallon (partner).
Mosaic Ventures – Tony Coppel (co-founder, partner).

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