Simfoni has already established a strong reputation as a next-generation digital solutions provider for procurement professionals, and now the business is aiming to expand its operational base, having secured investment worth £3m, including a £2m growth loan from BOOST&Co. The spend analytics and buying automation business specialises in driving operational improvement and cost reduction for its customers, which include a variety of blue-chip consultancy firms.
Machine learning informs efficient business decisions
Simfoni’s capabilities are split across three key offers: analytics, tail-spend management and reporting. The Simfoni Virtuosi™ analytics software is powered by machine learning and is able to quickly auto-classify complex data, to provide clients with deep insights and interactive visualisations that can inform management decisions.
Client’s spend management is then organised through Simfoni’s Vitesse™ tail-spend management solution, which automates more than 75% of the buying process, using predictive buying algorithms to deliver cost savings of up to 23% and a supplier reduction of 30%.
Simfoni’s Sourceforce application brings all of this data together, transforming the management and reporting of procurement savings into highly visual and user-centric dashboards.
Automation and in-house expertise can work in harmony
Simfoni’s strategy of combining experience with technology, so that machine learning and automation increase the impact of customers’ expertise, has been well received.
“The customer feedback we received from Simfoni was among the best we’ve ever had,” says BOOST&Co’s principal Lauren Couch, who leads the lender’s south-west office and secured the deal. “We have been really impressed by Simfoni’s ability to deliver rapid cost-reduction opportunities to its customers and by its experienced management team, whose track record repeatedly establishes market leadership through innovation.”
This team includes executive chairman Chirag Shah, who has more than 20 years’ experience in founding and exiting companies.
“I am absolutely delighted to have secured venture debt through BOOST&Co,” Shah says. “BOOST&Co stands out as a venture-debt financier that is truly global in nature, and that was the perfect fit for us. We’ve also known the BOOST&Co team for some time, so we know that they have a thorough understanding of our business and how we operate.”
Investment will fund expansion and AI development
The company, which has regional headquarters in Chicago, London and Dubai, will use the £3m investment to expand its operational base to deliver its current pipeline, and to expand its sales and marketing teams.
“We’ve just closed our fourth consecutive year of 100% year-on-year growth and want to capitalise on this as our brand and market proposition really starts to take hold in the USA,” says Stefan Dent, Simfoni’s chief executive, USA. “The funding will help us to increase our sales and marketing presence and support our investment in artificial intelligence as we seek to extend the scope of Simfoni’s spend automation activities.”
Although Simfoni’s UK headquarters is in London, this deal was led by BOOST&Co’s Bristol office, with the funding supported by two local firms: due diligence was provided by Bristol newcomer PKF Francis Clark and legal due diligence was completed by DAC Beachcroft.