Next Matter, a business workflow automation platform, recently closed a $16 million Series A funding round led by OMERS Ventures with participation from BlueYard and Crane Venture. The funds will be used to expand the team from 15 to 75 employees, focusing on growth in the US and European markets. Next Matter, which is headquartered in Berlin, is led by CEO Jan Hugenroth.
According to Hugenroth, businesses today face several challenges in the current economic climate. Operational excellence is becoming increasingly necessary, prompting Chief Operations Officers (COOs) to seek out solutions to streamline workflows. As operations change rapidly, many companies struggle to keep up, leaving their tech stacks outdated. Next Matter aims to address these issues by providing a platform that simplifies various processes, replacing the assortment of spreadsheets, emails, custom apps, and chat clients commonly used by companies.
Hugenroth believes that the industry is shifting towards a "new normal" in which operational efficiency and excellence are more critical than ever. He states, "Operations are unique in every company, so a proper solution to solve a company's operations problems must be unique to each company's unique circumstances" Next Matter's platform is designed to help businesses stay up-to-date and reduce manual work by automating and streamlining their operations.
With Next Matter's mobile and web apps, users can drag and drop modules to create and automate workflows, forms, and processes either from scratch or using prebuilt templates. The platform allows for seamless integration with tools such as Google Sheets, Dropbox, Salesforce, HubSpot, Slack, and Zapier. Automation features enable users to send data to and from systems and trigger processes based on system events. Managers can access project and task tracking metrics, including speed and cost.
The business process automation industry is rapidly growing, with numerous vendors competing for market share. Next Matter faces competition from integration platforms like Zapier and Make (formerly Integromat), low-code app builders such as Bubble and Retool, and workflow software like Kissflow, Pipefy, and Process Street. However, Hugenroth argues that Next Matter's platform offers a more comprehensive solution by combining various aspects into a single, purpose-built operations tool.
Next Matter stands out from competitors by offering consulting services alongside its software product. Clients are provided with an "operations expert" who helps identify opportunities for process automation, supports onboarding, and assists with change management. This approach allows companies to free up resources, reduce ongoing maintenance of custom operations solutions, and create a central source of truth for their operations data.
Next Matter's customer base includes companies such as Trade Republic, Spreetail, Shift.com, and other brands in financial services, insurance, and e-commerce sectors. The company plans to expand into new industries that require operational excellence. Hugenroth remains optimistic about the future of the process automation sector, despite some segments, like robotic process automation (RPA), appearing to reach saturation. He believes that the current economic environment makes operational excellence essential for businesses to succeed.
Next Matter, founded five years ago, has raised a total of $20 million to date. As the demand for workflow automation solutions continues to grow, platforms like Next Matter, AppMaster, and other no-code/low-code tools are poised to play an increasingly vital role in helping businesses streamline their operations and achieve greater efficiency.
