Vienna-based startup Prewave has just raised €18 million for its end-to-end supply chain platform. The startup now plans to expand, making supply chains more transparent, resilient and sustainable.
Supply chains depend on an intricate network of connections and are heavily influenced by consumer demand, regulations and outside influences. Today, as calls for sustainability intensify and wider geopolitical and climatic conditions make themselves known, supply chains have become increasingly complex to navigate.
Businesses now face growing challenges when it comes to supply chains – including issues around ESG concerns, disruptions, visibility and compliance.
Aiming to make supply chains more resilient and manageable, Prewave was established in 2017. The startup offers a risk management and compliance platform and has just secured €18 million to scale.
The Series A+ funding was led by Creandum. Existing investors KOMPAS, Ventech, seed+speed, Segnalita, Speedinvest, Working Capital Fund and xista science venture also participated.
Built by Dr. Lisa Smith and Harald Nitschinger, Prewave aims to become an all-inclusive solution for managing supply chain risks, covering every phase of the risk lifecycle. By identifying, analyzing, mitigating, and reporting risks, the platform provides a complete end-to-end approach for a more transparent, resilient, and sustainable supply chain.
Co-founder Harald Nitschinger: “Prewave started 2022 with a team of 20 employees, but as a testament to its remarkable growth and success, the company has now exceeded 100 employees. This expansion mirrors the substantial revenue increase Prewave has experienced over the last year. As of now, Prewave has pioneered a comprehensive solution for supply chain risk monitoring and compliance, that establishes Prewave as first mover and a key player in the supply chain risk discipline. Now the time has come to become the first true, end-to-end operating system for supply chain risk.”
A rise in demand for sustainability has led to stricter international supply chain regulations and significant reputational risks for businesses impacted by ESG incidents within their supply networks. Supply chain disruptions have also come with significant costs in recent years, as external factors such as pandemics and international conflicts as well as an array of intricate, interconnected issues have had influence.
Vienna-based Prewave provides users with a dynamic supplier risk score, derived from big data supply chain analysis. It allows companies to monitor their entire supply chain and equip users with the ability to execute corrective and preventive measures, minimizing risk and enhancing individual supplier performance. As a result, businesses can easily adhere to international regulations such as the German Supply Chain Act and the forthcoming European Supply Chain Due Diligence Directive.
Currently, the startup is used by clients such as BMW, PwC, and Lufthansa. Now, the plan is to scale.
Sabina Wizander, Partner at Creandum: “Increased disruption, political instability, consumer consciousness and changing regulation uncover the painful truth that current supply chain risk management is not serving the complex environment in which we live. Prewave has built a first of its kind solution that allows companies to take action on their supply chain in real-time. Its dynamic supplier risk score creates much-needed transparency. This is why we are excited to lead Prewave’s Series A+ round. Prewave is an end-to-end solution that allows companies to take control of their supply chain. High customer demand across industries and geographies reflects the need for their solution and we are excited to back Lisa, Harald and team.”