January 20, 2020 / 11:44 AM / a month ago

Supplier search firm Scoutbee raises $60 million in venture funding

MUNICH (Reuters) - Scoutbee, a recommendation engine that helps companies find suppliers, has raised $60 million (£46.22 million) in a second funding round from venture capital backers including Atomico, Lakestar and Siemens’ (SIEGn.DE) investment arm Next47.

Berlin-based Scoutbee, founded in 2015 by a group of German-based operations managers, has scraped millions of company websites around the world and built a platform solution to help buyers find the right supplier.

It provides targeted recommendations in a business-to-business setting, much as social network Facebook (FB.O) places targeted ads based on a users’ interests, co-founder and CEO Gregor Stuehler told the DLD technology conference on Monday.

For Lakestar partner Christoph Schuh, the investment represents a new bet on logistics and procurement industries whose global turnover of $30 trillion exceeds that of financial services.

Financial services have, meanwhile, attracted $150 billion in venture-capital funding since 2010. By contrast procurement has attracted just $2 billion and logistics $39 billion - a mismatch that he sees as an investment opportunity.

“They have trawled more than 10 million websites and structured the data,” Schuh said of Scoutbee, confirming a report in the Handelsblatt daily. “And it’s a matchmaking tool.”

Lakestar has also backed freight-forwarding startup sennder in a $70 million investment round last July. sennder faces competition from Uber Freight (UBER.N), which entered the German market last year.

The Series B funding round at Scoutbee follows an initial investment round of $12 million last year.

Reporting by Douglas Busvine; Editing by Michelle Martin

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