Helsinki-based firm Nvelop, which streamlines enterprise procurement using agentic AI to automate and optimize the entire sourcing process, has secured €1.2 million in funding led by Failup Ventures.
- Founded in 2024 by Mikko Valorinta, Nithin Nadagouda, and Ilkka Uuhiniemi, Nvelop develops an AI-native SaaS platform designed to automate and manage end-to-end IT sourcing processes.
- The platform supports procurement activities such as solution exploration, requirements gathering, RFP creation, vendor selection, proposal evaluation, contract negotiation, and document management.
- The firm uses agentic AI to streamline sourcing workflows, enforce policy compliance, and maintain audit trails across the procurement lifecycle.
- Users can manage the full RFX process within a single environment, with built-in access controls, automated approval workflows, and real-time collaboration tools.
Details of the deal
- Failup Ventures, a Finnish-American venture capital fund, led the investment. The firm supports game-changing software startups from pre-seed to follow-on rounds. Existing investor Antler also joined the round.
"From our first conversations, we were impressed by Nvelop’s sharp vision and exceptional team. They’re not just adding AI to existing workflows—they’re rethinking procurement from scratch. We’re proud to support a company combining deep customer focus with bold technological ambition," claims Oscar Andersin, General Partner at Failup Ventures.
- Nvelop will use the €1.2 million seed funding to accelerate product development, expand its engineering team, and scale go-to-market efforts.
- The investment will also help enhance its AI-powered sourcing platform, enabling faster, more cost-effective procurement with improved compliance and better business outcomes for enterprise clients.
"Securing this funding in today’s market environment reinforces the strength of our team, our technology, and our long-term vision. This backing allows us to double down on innovation and stay laser-focused on creating real value for our customers," CEO of Nvelop, Mikko Valorinta, commented.
