Innovative supply chain solution secures £5m in funding to expand in Europe
Flowlity, an innovative AI-based supply chain planning and forecasting solution, has secured £5 million in funding, led by Fortino Capital, to expand throughout Europe.
The funding will be used to accelerate its development with the aim to becoming an industry leader by providing innovate ways of reducing waste across the entire supply chain – enabling companies to save money and reduce their carbon footprint.
Armed with its innovative AI-based tool, Flowlity is already working with several companies in the manufacturing and retail sectors, such as Saint-Gobain, Miba, and Bosch. For La Redoute, the software has already led to an inventory reduction of 40% and at e-commerce retailer Camif, stock shortages have reduced by 10%.
In today’s world, traditional JIT (Just-in-time) models are not robust enough to handle increasingly frequent supply chain disruptions. COVID has demonstrated the importance of supply chain planning to manufacturers and the general public around the world, but it has also highlighted a host of problems, including raw materials shortages and increasing lead times. Around $2 trillion dollars are lost every year as a result of overstocking or shortages, all caused by the use of obsolete forecasting models.
Intending to provide an effective response to the challenges, Flowlity has come to the fold with a new planning and stock optimisation methodology called ‘Resilient Planning’. The solution allows supply chain planners to capture market volatility and react to disruptions in an agile and effective way.
Jean-Baptiste Clouard, CEO at Flowlity said: “Thanks to support from Fortino Capital, OSS Ventures and 42CAP, we will be able to work with more European companies in their planning challenges to help them to reduce scrap and waste and to reduce their carbon footprint.”
Filip Van Innis, Investment Director at Fortino Capital said: “We believe Flowlity has a clear strategic focus and an experienced team to accelerate the transformation and digitalisation of supply chain optimisation models across Europe and thereby facilitate a more robust economy.”
Alexander Meyer, Partner at 42Cap, a Munich-based seed investor, said: “We are delighted to continue to support Flowlity in their European expansion. Since they first launched, we have believed in the power of their platform and their growth potential.”
2021 was a good year for Flowlity, - as well as featuring among the winners at the 23rd edition of the iLab Innovation Competition, it also expanded internationally by signing the first cross-Atlantic contract and doubling its client portfolio.
Building on 100%+ growth, Flowlity is continuing its rise in 2022 and is welcoming Peter Schram, former Senior Director Analyst at Gartner, and Edouard Fourcade, former Managing Director EMEA at Anaplan, to the board. To achieve the business objectives, they hope to expand its current team of 30 employees to around 50 by the end of the year.
Launched in January 2019 by Jean-Baptiste Clouard and Karim Benchaaboun, Flowlity is an AI-based stock optimization and forecasting solution. With its unique resilient planning approach, Flowlity already works with several large international corporations, including La Redoute, Bosch, Saint-Gobain, and LVMH. After raising €1.7 million in August 2019 with the support of 42CAP and Entrepreneur First, Flowlity was nominated among the 50 best European start-ups by Google and McKinsey. In 2021, the company continued to expand internationally and was a winner at the 23d edition of the i-Lab Innovation Competition. To find out more: https://flowlity.com
About Fortino Capital
Fortino Capital Partners is a European investment company with a focus on high-growth B2B software solutions. With offices in Belgium and the Netherlands, Fortino backs exceptional and ambitious entrepreneurs in North-Western Europe. Next to Venture Capital, Fortino also invests in more established software companies (Growth Capital). Fortino's Venture Capital portfolio includes, amongst others, Zaion (FR), Timeseer.ai (BE), Salonkee (LUX), SimplyDelivery (DE), iObeya (FR), D2X (NL), Peers (DE), Reveall (NL), Merkely (NO).
42CAP are seasoned entrepreneurs turned investors. With Hybris and eCircle they previously built two of Europe's largest B2B software companies culminating in $1.6b cash exits to SAP and Teradata respectively. The 42CAP credo Peers amongst Entrepreneurs is reflected in their investment approach, with which they support data- and technology-driven business models, product-focused founders, and sustainable venture development. This background is appreciated by founder personalities, such as Nicolas Reboud (SHINE, Paris), Kristjan Vilosius (Katana, Tallinn), Gregor Stühler (scoutbee, Würzburg), Ben Askew (Packlink, Madrid), Konstantin Mehl (Kaia Health, Munich) and Alex Igelsböck (Adverity, Vienna). Find more: www.42cap.com as well as https://medium.com/42cap
OSS is a venture builders specialized in software for factories. In two years, it started more than 12 ventures for a total of 600 sites deployed. It recently raised a follow up fund of which Flowlity is the first investment, sharing the goal of implementing disruptive technology in factories.