Prima to Expand Supply Chain Integrator Offering Across North America

Mexico City-based Prima has raised $23 million in funding to expand its offerings as a manufacturing and supply chain integrator across North America.

The latest funding brings Prima’s total funding, including previously undisclosed rounds, to $42.5 million, the company said in a Friday (Dec. 6) press release.

Prima uses a technology-first model to manage every step of the process of manufacturing custom parts and goods, operating complex industrial projects and sourcing goods from Mexico — including design, engineering, raw material procurement, factory floor operations, quality control and delivery, according to the release.

The company does so by orchestrating its ecosystem of vetted service providers, with Prima serving as a one-stop shop and seller of record, the release said.

The company serves 150 North American companies and aims to expand its foothold in the United States, per the release.

“We are powering Mexico’s industrial renaissance with every partnership we forge, every engineer we train and every project we successfully complete,” Daniel Autrique, co-founder of Prima, said in the release. “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.”

One of Prima’s customers, Rudy Bambic, CEO of Electrotech, said in the release that Prima has enabled the Illinois-based OEM to streamline its operations.

“Its systems give us complete visibility and control for a level of efficiency we didn’t believe was possible,” Bambic said. “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.”

Over half of retailers and manufacturers are investing to modernize their procurement processes, according to the PYMNTS Intelligence and Corcentric collaboration, “Digital Payments: A Changing Economy Sparks New Priorities for Systems Spending.”

The report found that 57% of manufacturers and 54% of retailers said the most important reason for their investments in digital procurement systems is to modernize their procurement processes, while 37% of manufacturers and 20% of retailers said the most important reason for investing in working capital and credit systems is to modernize them.

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