Prima – a technology-first manufacturing and supply chain integrator creating a more reliable procurement experience for companies – announced that it has raised $23 million in funding, bringing the total funding in previously undisclosed rounds to $42.5 million. Prima’s investors include Acrew, Quona Capital, Nazca, Greenoaks, Canary, NXTP, Picus Capital, Endeavor, Fluent Ventures, K50 Ventures, Marathon Ventures, Box Group, and WTI, and 110+ angel investors from the industrial ecosystem.
This funding will enable Prima to expand its operations and continue its quest to elevate Mexico’s manufacturing base to higher standards and address key industry issues of availability, quality, fulfillment rates, and cost – all of which have long plagued manufacturing and supply chains in Mexico in particular.
Prima manages many aspects of the manufacturing process, from design, engineering, and raw material procurement to factory floor operations, quality control, and delivery. The company currently works with more than 150 companies across North America across mining, cement and energy, retail and hospitality, industrial equipment procurement, electrical and electronic components, and more. Prima’s innovative and holistic approach has fueled the company’s rapid growth as it gains a foothold in the U.S.
Through its proprietary capabilities across operations, procurement and engineering, Prima orchestrates an ecosystem of highly vetted service providers to offer a better procurement experience to its customers. The company brings to market its transaction assembly capabilities at scale by leveraging its differentiated access to talent, technology, and capital, enabling it to deliver superior standards vs the status quo, such as operating with “on time in full” (OTIF) rates 2x above the market average.
Prima’s novel approach is built around:
1.) Prima optimizes cost-quality parameters, leveraging its proprietary quoting engine and a closed system of first-party and partner factories that offers customers expanded capacity and reduced lead times. The company also delivers and handles logistics to fit a wide range of trade terms.
2.) The company tests and guarantees quality, handles all inspections, and resolves any issues that may come up along the way.
3.) Prima handles the entire procurement process end-to-end, solving design and feasibility challenges and assembling a tailor-made supply chain to meet requirements and reduce operational demands on customers.
4.) Prima’s strong financial backing from international partners allow the company to undertake and sustain complex long-term projects.
Prima was created by Juan Pablo Ramos, Daniel Autrique, and Patricio Servitje, former MBA classmates at the Stanford GSB program. A decade after first meeting, they decided to team up to solve some of the most complex issues in global manufacturing and supply chain.
KEY QUOTES:
“At Prima, we’re not waiting for change to happen. We are powering Mexico’s industrial renaissance with every partnership we forge, every engineer we train and every project we successfully complete. With a team of nearly 80 people operating across six countries, robust funding, and a track record of serving North America’s largest companies, we are off to a running start. Our work is just beginning.”
– Daniel Autrique, co-founder of Prima
“Prima has fundamentally streamlined our operations. Its systems give us complete visibility and control for a level of efficiency we didn’t believe was possible. As a result, we will be able to make and shop products faster than ever to fulfill market demands while cutting our own costs. This in turn enables us to keep our prices low without compromising quality.”
– Rudy Bambic, CEO of Electrotech, a prominent Illinois-based OEM
“With any great challenge comes opportunity, and as the dynamics of global manufacturing and supply chains shift post-COVID, we’ve identified a path forward that fuels economic growth and leads to a more prosperous future for Mexico in particular. We believe that by developing a robust manufacturing ecosystem, greater stability and innovation can be achieved for other countries as well.”
– Prima Co-founder Patricio Servitje
“The ability to mass-produce complex goods through technology has not only drastically improved quality of life but also spurred economic growth and societal development on an unprecedented scale. Yet, in emerging economies, the gap between technological adoption and traditional manufacturing methods for industrial small and medium-sized enterprises (SMEs) remains significant. We have built our company to close this gap and bring economic growth, stability and prosperity back to Mexico while improving manufacturing efficiency and supply chain integration with and for other countries, including the U.S.”
– Juan Pablo Ramos, co-founder of Prima
