Stotles, a London-based startup that wants to help sales and marketing teams get ahead in the public sector, has raised £1.4 million in a funding round led by Speedinvest, with participation from 7Percent Ventures, FJLabs and several angel investors. “If 2020 made one thing very clear, it is the importance of the public sector working successfully together with private companies,” says Jeroen Arts, associate partner at Speedinvest. But the process of public sector projects is full of hidden market signals, says Stotles. The public sector publishes its business opportunities in the form of ‘tenders,’ to increase transparency to the public. However, data about tenders is scattered, and larger businesses have access to more intel, giving them a clue about opportunities before official tenders are released. Stotles wants to democratise the game so smaller businesses have a chance. Noted as a B2G (business-to-government) platform, the SaaS tool can also help bring “government procurement into the 21st century,” in the words of Arts, which could save taxpayers billions of euros per year. Founded in 2019, Stotles has spent nine months in private beta, serving users like Freshworks and UiPath, and is now accepting applications for its early access programme.
Angel investors in the round include Matt Robinson (co-founder of GoCardless and CEO at Nested), Carlos Gonzalez-Cadenas (COO, Go-Cardless), Charlie Songhurst (former Head of Corporate Strategy at Microsoft), Will Neale (founder of Graby) and Akhil Paul.
Photo: Stotles team