AI-Powered Procurement: How IE Alumnus Nazareno Mario Ciccarello is Revolutionizing Supply Chains with Soource

Founders of Soource: Nazareno Mario Ciccarello (left) and Maicol Verzotto (right).

In today’s fast-paced global economy, efficiency in procurement is no longer a luxury—it’s a necessity. Yet, traditional supplier sourcing remains a sluggish, manual process, often taking months and consuming valuable resources. Recognizing this inefficiency, IE University alumnus Nazareno Mario Ciccarello co-founded Soource, a B2B SaaS platform that leverages AI to transform procurement, enabling businesses to streamline supplier selection, reduce costs, and mitigate risks.

“Soource is a B2B SaaS platform that enables purchasing managers to efficiently source, compare, and select suppliers, optimizing purchasing conditions, saving time, and mitigating supply chain risks by reducing dependency on a limited supplier base,” Ciccarello explained.

Soource’s Strong Market Potential

Soource’s impact has not gone unnoticed. The company recently secured €1.5 million in pre-seed funding, a testament to its strong market potential and innovative approach.

“Investors were particularly drawn to Soource’s strong network effect, where each supplier search generates hundreds—if not thousands—of responses, continuously enriching the platform’s database,” Ciccarello noted. “Beyond the technology, they saw strength in our team’s blend of procurement expertise and startup execution experience, as well as our rapid go-to-market strategy.”

With this funding, Soource plans to accelerate growth, implement new features that enhance customer retention, and strengthen its go-to-market efforts. The company’s goal is to further embed AI-driven efficiency into procurement, ensuring that businesses fully leverage the power of automation in supplier management.

Bridging the Procurement Gap with AI

Before Soource, procurement was largely dependent on a handful of known suppliers, creating vulnerabilities in supply chains. The pandemic further exposed these weaknesses, as global disruptions left many businesses scrambling for alternatives. Ciccarello and his team saw an opportunity to introduce AI into this critical business function.

“Traditional supplier sourcing is slow and inefficient, taking an average of three months and 40 hours of work per search,” Ciccarello said. “AI transforms procurement by automating time-consuming tasks like market sourcing, email exchanges, quotation analysis, data normalization, and supplier database updates.”

By integrating AI-powered free-text search, Soource has redefined supplier discovery, offering procurement teams real-time access to an ever-growing, dynamic supplier database. This technology not only expedites the search process but also enhances decision-making, allowing businesses to react quickly to market fluctuations and supply chain disruptions.

From IE to Startup Success

Ciccarello’s entrepreneurial journey was shaped in part by his time at IE University, where he pursued an International Master in Business Administration. The school’s emphasis on innovation and practical learning proved instrumental in his path to founding Soource.

“My IMBA allowed me to really understand what I wanted to do in my life,” Ciccarello shared. “What really lighted my entrepreneurial fuse was participating in the Venture Lab with a project that never took off, but it taught me all the mistakes I should never repeat.”

Beyond the classroom, IE University provided an ecosystem rich in networking opportunities. Ciccarello credits his investment in the IE network as a crucial factor in his professional growth.

“Knowing people, creating empathy, and establishing trust are the three key pillars that made a massive impact on my network,” he emphasized. 

Overcoming Barriers to AI Adoption in Procurement

Despite the advantages AI offers, convincing businesses to adopt AI-driven procurement has not been without challenges. Many purchasing managers remain hesitant, accustomed to working with a familiar, limited set of suppliers. However, recent global disruptions and increasing ESG compliance requirements are pushing companies to rethink their strategies.

“One of the biggest challenges has been shifting the mindset of purchasing managers who are accustomed to relying on a limited pool of historical, qualified suppliers,” Ciccarello said. “Especially the supply chain disruptions caused by COVID-19 have exposed the risks of over-dependence on a few suppliers, making diversification a necessity rather than an option.”

To address concerns about AI making procurement impersonal, Soource has taken a unique approach. Rather than requiring suppliers to onboard onto a new platform, the company ensures that communication remains email-based, with AI-powered personalization maintaining a human touch.

Scaling for the Future

Soource is ready for rapid expansion, with plans to grow its team from 17 to 40 employees by the end of 2025. While the company will continue strengthening its tech team, its immediate focus is on business functions, particularly hiring SDRs and account executives with multilingual capabilities to support international growth.

“Given the velocity at which we want to gain market share, we will focus more heavily on expanding our business functions over tech roles in the near term,” Ciccarello explained. “This balanced approach will allow us to scale quickly while ensuring seamless integration between our technology and business operations.”

Looking ahead, Soource aims to establish itself as the most profiled B2B company database globally, providing businesses with unparalleled insights into supply chain dynamics. The company envisions a future where AI-driven procurement minimizes waste, reduces overproduction, and fosters a more sustainable and economically efficient global marketplace.

Advice for the Next Generation of Entrepreneurs

Reflecting on his journey, Ciccarello offers a key piece of advice to current IE students and alumni looking to build their own ventures: success is not just about the idea—it’s about execution.

“My first and most important advice applies to any venture: find the right team with incredible motivation and drive,” he said. “Success in entrepreneurship lies not only in the value of the idea but even more in its execution. That’s where the team stands out.”

He also underscores the importance of having a strong technical foundation, particularly for tech-driven startups, and staying updated on AI capabilities and compliance regulations.

With Soource’s trajectory on an upward climb, Ciccarello’s journey serves as an inspiration to aspiring entrepreneurs within the IE University community. His story is a testament to how innovation, strategic networking, and AI-driven solutions can reshape industries—one procurement decision at a time.