Crown, a Ukrainian-founded and Paris-based company that offers electronic auctions as an alternative to traditional procurement negotiations, has raised €2M in its first funding round.
This round was led by Heartfelt, with participation from Kima Ventures, Backbone Ventures, Another.vc, Apok Invest, ZAS Ventures, Prequel VC and Bpifrance.
Other participants were business angels such as Dr. Marcell Vollmer, former COO of SAP Ariba; Christophe VIllain, Global Head of Supply Chain & Procurement Technology at Nestlé; and Mario Götze.
Crown's platform streamlines the negotiation process by enabling suppliers and buyers to finalise negotiations far more quickly; often, they are conducted over unspecialised software such as Excel and Outlook. Its founder, Mykyta Voytenko, conducted more than 300 eAuctions for FMCG companies and teaches procurement at KEDGE Business School.
“For nearly 30 years, eAuctions have been used solely to drive down prices, often in ways that lack transparency and ethics. At Crown, we see auctions not as a weapon, but as a tool—one that, when used ethically, creates win-win outcomes for buyers and suppliers.
"We believe auctions are the most powerful negotiation tool when their core purpose is achieving fairness, value, and mutual success.” he commented on the raise.
While eAuctions are Crown’s first step, the company’s plan is to build a full AI-powered suite for procurement.
"We had the pleasure of meeting Mykyta, a true industry expert with exceptional skills showcased throughout his career. Born and raised in Kyiv, he has built an impressive professional journey, excelling in various corporate roles across Western Europe. From day one, our exchanges with him have been incredibly insightful and productive." said Miklos David Stanek, Founding Partner at Backbone Ventures.
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