Product and pricing management SaaS startup ProductEngine has raised $1.2 million in Seed capital.
The round was led by venture capital firm Folklore, with support from accelerator program Startmate.
The Brisbane startup will use the investment to double its team and expand into new markets, including the US and Europe.
Founded in 2019 by Jarrad Seers and Matt Hollis, the company aims to streamline the way businesses in sectors such as telecommunications, construction, and manufacturing manage pricing and product data, as well as how they share it with staff, systems and customers.
Up until ProductEngine, that was mostly done using spreadsheets, with product data stored in multiple locations and an excess of manual work synchronise it all.
Hollis, the CEO, said that alongside global supply chain disruptions and an increase in distributed teams, managing pricing updates and maintaining large product data set has become increasingly complex, time-consuming and error-prone.
“We’re pleased to announce our seed round led by Folklore with support from Startmate,” he said.
“With this raise, we will be doubling down on our team and product-led growth to modernise supply chains around the world and drive digital transformation while helping protect margins.”
Hollis said the saas platform acts as a single source of truth for an organisation’s pricing and product information.
“ProductEngine can also be connected via API to other critical applications that need to consume that data – such as a CRM tool, billing system, or a self-service portal,” he said.
“The backend is structured as an object-orientated database – rather than the historic relational database – which enables it to perform one-to-many data mapping and handle more complex processes for systems that are connected to it.”
Folklore investor Dan Fleming said the startup solves a serious pain point felt across several industries and is poineering a new category that will ultimately become foundational to managing global supply chains.