The Business-to-Government market is vital to the global economy. Aiming to simplify the sector, London-based Stotles has just secured about €6.1 million in Seed funding.
The public sector is a lucrative target market for businesses across the world. Government contracts and government purchases fuel the global economy and they impact society across the board. Building a better way to do business with governments, London-based Stotles has just secured about €6.1 million.
The Seed funding was led by Headline with participation from Form Ventures, GTMFund, Speedinvest, FJLabs, 7Percent, and several prominent angels.
Doing business with the government gives companies a certain status, credibility, and a sense of confidence. And it comes with a lot of competitive energy – just look at the case of Microsfot and AWS who fought ruthlessly over the US government’s JEDI contract. Today, governments are increasingly turning to the private sector to find solutions for global challenges, particularly climate change. In the fight against climate change, more than 50% of spending is flowing from governments around the world and it’s bringing climate tech suppliers immense opportunity to score big-money contracts and transactions.
However, these lucrative deals are not without serious challenges and bureaucracy. This is where Stotles, founded in 2019, is coming in. The startup is aiming to unlock the potential of how businesses and governments work together, streamlining the process for the betterment of all society.
CEO, John Witt, explained: “The business-to-government (B2G) market is the $12 trillion backbone of the global economy. But, this market is in desperate need of some tender love and care. “Every day, we see the painful friction buyers and suppliers have to deal with — fragmented data, complex regulation, heavy compliance, messy workflows. Some call it ‘boring’, but they’re missing the point. This space has been overlooked for decades. By streamlining the business processes that connect business and government, the technology we’re building is capable of saving the world trillions every year – that’s something we get excited about.”
Dealing with the public sector requires a unique approach, and, until now, it’s been a sector that most suppliers just aren’t equipped to deal with. Stotles is streamlining the end-to-end journey for businesses working with the public sector. Its initial product helps commercial teams boost their public sector sales productivity. Tailored to commercial teams such as sales, marketing, partner & alliance, and account management, the platform creates a ‘single source of truth’ for public sector business development tasks and data. It helps teams find more relevant opportunities faster, pinpoint buying signals earlier (before tender or RFP), and enable stronger qualification and faster prospect outreach with market data tools and key contact sources. It does this while plugging seamlessly into existing workflow and tech.
Already, the startup jas picked up considerable traction with a fast-growing customer base. Leading companies like Workday, Tableau, and Gitlab have adopted the Stotles platform. Further, the startup is bolstered by the fact that, despite uncertain times, governments will always need to buy. It means that companies will always be in need of this tech to improve and streamline their processes to sell.
Carsten Schaltz, co-founder and CPO, explained: “Governments will always need businesses, and this need will never go away. We’re solving fundamental business problems and this gives us powerful momentum, recession or boom.”
Taj Kamranpour co-founder and COO, added: “Stotles helps foster competition in the public sector, thus driving better outcomes for government, taxpayers, and every member of society. This society-level impact is incredibly exciting and we can’t wait to do this at an even larger scale.”
With this new funding, the young startup will boost product development and expand product and commercial teams. It’ll also expand into new segments of the public sector and into new locations beyond the UK.
via https://www.AiUpNow.com
June 22, 2022 at 08:27AM by contact@bcurdy.com, Khareem Sudlow
