Nordic Europe has a long tradition for being innovative, and Nordic procurement startups are no exception.
From Ikea to Nokia to Lego, some world-beating companies have come from this cool, pragmatic region of thoughtful, visionary businesses.
We’ve got the definitive lowdown on 10 procuretechs from Europe’s chilly northern reaches, who are heating up the digital procurement ecosystem.
The 10 Hottest Nordic-based Procurement Tech Startups
Before we give you the list, we should briefly touch on what we’ve defined as a “Startup”.
- Less than 50 employees, according to data available on LinkedIn.
- Less than 10 years old as a company.
- A company showing good signs of growth i.e. numerous customers, and beyond launch / MVP stage.
If they are VC-backed, then they must be at pre-Seed or Seed stage. Anyone at Series A onwards, we would typically label as a scale-up.
Would you like to search the whole range of procurement tech companies out there, beyond just these 10 Nordic procurement startups? Then check our our free software directory.
If you’re a consultancy, an investor, or a solution provider and need to do deeper analysis of the market, we also offer subscriptions to our back end database. This enables more deeper searches with all data points in our base being searchable.
Which countries are included?
We searched for startups from Sweden, Norway, Finland, Denmark and Iceland to include in this list.
1. Trackado
Trackado is one of a few Nordic procurement startups based in Sweden. The company offers a simple and competitively priced contract management solution.
It offers document repository features to any industry and companies of any size. These centralise all your company’s contract documents, giving you a top-down view of the entire contract portfolio.
You can upload files directly, or via links from your own networks or cloud storage. Once linked to the systems, all contracts can be readily indexed and are searchable.
Trackado’s built-in dashboards aim to provide convenient insights into upcoming activities – keeping you up-to-speed on recent costs, revenues and contract additions.
The platform also offers a partners module. This allows all contract parties to access shared information and details from a single location.
Trackado’s milestone tracking enables users to register and assign key contract milestones, including reviews and cancellations, which provide automatic notifications.
Their pricing is transparent and you can also use a free version to store limited contracts with just one user.
Key Data:
- Founder / CEO: Mark Zeise
- Date Founded: 2016
- Visit Trackado profile in our Software Finder
2. Workfellow
Workfellow is a software company that provides process intelligence solutions. It generates insights on bottlenecks, variants, and cycle times to drive process improvements.
Their product, Work API, offers automated process discovery and workflow tracking across an organisation’s various business systems and apps. Their services target enterprise customers across finance, insurance, procurement, and banking.
Key features include automated process discovery to visualise workflows across different business systems and benchmark processes without the need for traditional process mining. Work API tracks tasks and system usage with AI to categorise work while preserving privacy.
The solution also includes ready-made dashboards, KPIs, and intuitive case management to uncover and act on opportunities quickly.
Workfellow offers a next-generation end-to-end visibility into workflows, systems usage, and tasks. It’s designed to drive continuous process improvements for complex enterprises who currently rely on many different software tools.
Key Data:
- Founder / CEO: Kustaa Kivelä
- Date Founded: 2020
- Visit Workfellow profile in our Software Finder
3. Ignite
Ignite is a rapidly growing Norwegian procurement tech company. They offer a mini-suite centred around optimising a sustainable procurement process through full-stack data analytics and performance management.
There are 4 individual modules which cover:
- Procurement analytics i.e. spend analytics
- Contract management (CLM)
- Supplier management (SRM)
- Carbon accounting
The Ignite platform also features a Tasks and Initiatives module that allows for progress tracking and objective-driven procurement strategy. Furthermore, the platform offers easy integrations with third party procurement data solutions, along with data integration with any existing ERP software.
Ignite also places an emphasis on reliable data encryption.
Pricing is customisable depending on number of users, suppliers and the modules purchased. The solution is highly configurable and can be built up following a modular structure.
Highly active in their home market, they also have customers in Germany too.
Key Data:
- Founder / CEO: Sigbjørn Nome
- Date Founded: 2017
- Visit Ignite profile in our Software Finder
4. Kodiak Hub
Kodiak Hub is a growing startup based in Sweden that offers an ecosystem of supplier relationship management (SRM) apps.
These assist with management of supplier information by improving supplier insights, providing business intelligence, and enhancing buyer-supplier innovation. These all help to drive supply chain impact.
Their modules cover a range of activities, including:
- Automation of supplier information management;
- Vendor self-assessment;
- Macro supply chain risk evaluation;
- Evaluation of media coverage;
- Financial resilience rating;
- Auditing;
- Performance monitoring processes.
Kodiak Hub’s software is built upon a machine learning (ML) algorithm in order to ensure a continuously evolving supplier management environment.
As well as their native market, they have expanded successfully into German-speaking countries and are also targeting customers in the UK.
Their website does not disclose any information on how their product is priced.
Key Data:
- Founder / CEO: Malin Schmidt
- Date Founded: 2015
- Visit Kodiak Hub profile in our Software Finder
5. Snowfox.AI
Snowfox.AI is an invoice automation software company based in Finland. They provide AI-powered solutions to automate enterprise accounts payable processes. Their typical customers are those who seek cost savings through automating the manual work associated with processing invoices.
The solution integrates with customers’ existing ERP and accounts payable software. It then automatically codes, routes, and posts invoices based on key data. The company claims on their website that they can achieve 90% invoice automation.
Their machine learning models continuously improve automation rates. Implementation does not involve long IT projects. Their value-based pricing model ensures that you only pay when an invoice has been successfully automated.
In addition to invoice automation, they also have a product enabling your business to automate carbon emission tracking.
Snowfox.AI works with thousands of companies, including Bravedo, Versowood, Renta, Cramo, and Mehiläinen.
While no pricing info is available in the public domain, they offer a free capability test to evaluate optimisation potential.
Key Data:
- Founder / CEO: Ilkka Lassila
- Date Founded: 2018
- Visit Snowfox.AI profile in our Software Finder
6. CostBits
CostBits is an early-stage spend analytics software and one of few Nordic procurement startups focusing on smaller procurement teams. It aims to deliver a one truth approach, bringing real transparency to your costs and savings.
Boasting a “laser focus” on actionable insights, CostBits enables visibility on cost performance. This allows you to track and monitor your costs, quantify your working capital deficit, and bring cashflow awareness to your teams.
The solution also provides data driven tracking of KPIs and named spend accountability. It facilitates common ground between procurement staff and business owners for spend and opportunity identification, as well as impact realisation.
Visualisations have been redesigned to be action focused and easily understandable. AI and machine learning enhance cost and contract data with categories and enrichments, so you can quickly compare cost impacts across suppliers.
CostBits brings procurement performance monitoring into the hands of CPOs and CFOs, so there’s no need to hire separate data analysts.
Pricing is transparent and comes in three tiers, with the basic plan costing just EUR 259 per month, per user.
Key Data:
- Founder / CEO: Thomas Siersbæk Heller-Njor
- Date Founded: 2020
- Visit CostBits profile in our Software Finder
7. DigiProc
DigiProc is a Swedish startup offering a platform for automated supplier negotiations.
It enables users to easily negotiate with all of their suppliers, and promises to realise significant value and savings from each negotiation.
DigiProc works by first analysing your spend data. It then uses this data to make detail-informed suggestions that will support your negotiation process.
The software provides you with a personal dashboard. This serves as a central location and workspace for negotiations, giving you an accurate overview of your whole supplier base.
DigiProc offers consistent support to help you get the most out of your negotiations. From platform education, to templates for negotiation and project management.
The DigiProc platform aims to bring an end to the long tail of suppliers which typically go unmanaged in many larger organisations.
While no pricing is disclosed on their website, there is the option for you to request a free analysis of the potential the tool can deliver.
Key Data:
- Founder / CEO: Carl-Johan Ernstsson
- Date Founded: 2017
- Visit DigiProc profile in our Software Finder
8. EIVEE
EIVEE is a platform for sustainable procurement, offering measurement of Scopes 1, 2 and 3 carbon emissions.
It was founded by specialists with a unique combination of procurement, sustainability, tech, and consultancy expertise. The aim is to help you to uncover your organisation’s complete carbon footprint.
EIVEE shortcuts the hassle of data collection and provides a solid methodology to do scope 3 emission accounting. You can continuously track reductions over time through permanent and real time insights.
The solution seamlessly integrates spend-based emissions, activity-based emissions, and supplier input.
EIVEE’s emission deep dives allow you to quickly identify emission hot spots and potential areas for reduction initiatives. These deep dives are based on high-quality data, validated by their experts on an ongoing basis.
The ultimate goal of EIVEE is to help transform raw data into transparent and actionable insights.
Key Data:
- Founder / CEO: Peter Schack
- Date Founded: 2020
- Visit EIVEE profile in our Software Finder
9. ProcureNode
ProcureNode is an early-stage Finnish startup offering a SaaS-based procurement platform for SMEs.
Its primary focus is on the manufacturing sector. The platform is most suitable for indirect purchasing categories, but can be used across all procurement.
ProcureNode offers a range of functionalities, focusing on the requsition-to-PO and purchase order creation piece. It also offers a repository for invoices and supplier master data.
The ProcureNode system brings transparency and accuracy to your costs, enabling you to identify new cost savings opportunities.
The platform is highly customisable and can be integrated with existing procurement systems, providing an accessible and easy-to-understand experience for users, without the need for in-depth, specialist training.
ProcureNode helps businesses to streamline supplier onboarding, and reduce costs through better procurement planning. Additionally, the platform’s customisable workflows make it easy to adopt and use.
Pricing is based on monthly subscriptions, with additional add-ons and consultancy support also available on demand.
Key Data:
- Founder / CEO: Jarno Salomäki
- Date Founded: 2020
- Visit ProcureNode profile in our Software Finder
10. LeanLinking
LeanLinking is a Danish startup, originally providing a supplier relationship management (SRM) platform. The company has since expanded to offer negotiations management on top of this.
Their SRM solution is called LeanLinking Relations. This digitises supplier pre-qualification, onboarding, contract management, delivery and quality performance tracking, relationships management, scorecarding, data sharing and collaboration, project planning, and self-assessments. The focus is on ongoing supplier collaboration and incorporating stakeholder feedback and surveys into supplier performance ratings. It also offers data integration possibilities into existing ERP and BI solutions.
Their negotiation management module is called LeanLinking Deals. This focuses on providing a guided, AI-driven approach to preparing for negotiations. In addition, it also provides the opportunity to combine internal data with external intelligence to build a compelling negotiating position.
LeanLinking boasts Roche and DS Smith as flagship customers, and has made an impact well beyond their home market.
Key Data:
- Founder / CEO: Nicolai Schou Jensen
- Date Founded: 2013
- Visit LeanLinking profile in our Software Finder
Beyond Nordic procurement startups
Has this tickled your curiosity about procuretech? Maybe you want to learn more about what solutions are out there, representing different areas of procurement.
Or perhaps you could use some help for how to search and select a provider for your organisation.
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