About

Procureship is an innovative online platform that optimizes several crucial aspects of the purchasing activities of shipping companies while offering an extensive marketplace for quality suppliers and approved service providers. The easy-to-use cloud-based platform ensures practicality and efficiency for the end-user. From September 2016, the company has managed to attract several leading shipping companies and suppliers across the market segment. More specifically, the procurement process of 1000 vessels is being handled by the system, connecting a network of more than 3,000 suppliers in all major ports around the world. Procureship provides unique features by leveraging its exceptional technological capabilities, unparalleled customer support and pioneering spirit. The company’s mission is to overcome the existing boundaries of procurement in the shipping industry and provide a dynamic online platform full of opportunities for ship owners/managers and suppliers. The company’s long-term vision stands as a fundamental driver to constantly search for new areas of improvement and to broaden its range of provided services.

Solution & Product

Procureship offers a unique solution to its client base in order to optimize the procurement process in the maritime industry. Shipping companies can easily submit multiple inquiries, by searching and selecting the most suitable suppliers recommended by our platform for each RFQ, which is achieved via real-time analysis on predetermined criteria. The internal flow monitoring process identifies cases that need to be addressed per RFQ/PO and allocates tasks to our account managers, limiting the required work of purchasers. Thus, the automation of repetitive tasks and the minimization of manual data inputs improve productivity and results. In regards to suppliers, they can benefit from our provided marketplace as they can increase their business activities and exposure to our integrated network of shipping companies. Also, the platform effectively assists them to streamline the submission of their quotations through the integration with their systems, as well as via a parsing technology.

Innovation & Scalability

Procureship’s core foundations lie on the utilization of the latest technologies to provide a holistic and innovative solution to uplift the operations of our clients. Some of our platform’s key differentiating features are the following: •Supplier recommendation engine: a unique recommendation algorithm, which leverages trading data anonymously and dynamically in order to present to shipping companies the most reliable and relevant results, in terms of the proposed suppliers for an RFQ, based on multivariate data analysis. •E-invoicing: a digitized invoicing process, which utilizes complex machine learning techniques, parsing and recognizing all types of invoices, without the need for any specific template. •Marketplace for service providers: relevant service providers around the world can be found via the utilization of the available advanced filters (e.g. Class Approval) and receive service-related requests.

Traction & achievements

• Even though the idea of Procureship was conceptualized in 2015, the actual product was formally launched in September 2016, where our first client, Starbulk Group, consisting of a fleet of 120 vessels, agreed to use the product. • In September 2018 our first foreign client, Zearborn Shipmanagement, which is based in Germany and Singapore also joined our platform. This was a key partnership since it helped us expose our business activities to a wider scale and put Procureship on the European market map. • In March 2019, the platform reached a total number of 500 vessels. • Currently, Procureship handles the procurement process of 39 ship managers with a total of 1000 vessels, while the registered suppliers' network has reached a total number of 3000.

Team & Why Us

Procureship’s leadership consists of Mr. Lamprou, who is the company’s CEO and Head of Product Development, Mr. Manassakis who is the COO and Head of Business Development, as well as Mr. Kazakos who is the CTO and responsible for our software engineering team and the platform’s architecture. The Development Team’s primary activities refer to the development, testing and deployment of new features, the overall maintenance of the platform, as well as the assistance with resolving any potential technical issues of the integrated shipping companies. The Business Department's main task includes assisting and resolving any operational issues that occur to the shipping companies under their responsibility. Additionally, each Account Manager is also assigned further specific responsibilities that may indicatively include HR and Accounting related tasks. At the moment, 39 ship managers, with a total fleet of 1000 vessels, operate their procurement process via Procureship. Our short-term expectations refer to a 50-60% growth of our client base, while for the long-term, Procureship aspires to become a key player in the maritime e-procurement market, owning 30-40% of the market share. We consider that this is a realistic and achievable target, by taking into account our recent growth rate, as well as that this is a niche market with a limited number of rivals.

Funding Needs

At the moment Procureship does not require any kind of funding.