WherEX, an e-sourcing tool, has completed a new Series A funding round, raising fresh US$7 million to expand its operation across the United States and Latin America.
A leader in artificial intelligence (AI), wherEX specialty is the provision of solutions that make B2B commerce a lot more transparent. The firm also seeks to increase the level of competition in the sector.
Launched in 2016 and based in Santiago, Chile, WherEX’s main value proposition is to identify and resolve the most prominent pain points in the digitization of competitive pricing for procurement and sourcing.
The firm’s Series A round was led by Kayyak Ventures, while other participants include FJ Labs, Jaguar Ventures, and Tuesday Capital.
As a part of this round, the firm added two new co-founders — Ben Garcia and Francisco Puente. Both men are serial entrepreneurs out of MIT and are also part of Y-Combinator alumni class of S20.
This newly available capital will be applied towards the firm’s expansion plans in Latin America and the United States
“B2B commerce in the U.S. is still in its infancy in terms of digital, financing, and sourcing. We see an opportunity to bring a comprehensive and analytical e-sourcing solution to the U.S. market to make B2B transactions easy,” said Cristobal Silva, managing partner at Kayak Ventures.
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