Stotles, a London-based startup that gives sales and marketing teams the insights and tools they need to get ahead in the public sector, has raised £1.4 million in a funding round led by Speedinvest, with participation from 7Percent Ventures, FJLabs.
Several high-profile angels also participated such as 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.
Stotles harnesses data and curated algorithms to give businesses a clear, tailored view of the market, and provides workflow tools to engage with the often difficult-to-navigate world of the public sector.
Public-to-private sector business makes up 14% of global GDP, and even a 1% improvement driven by Stotles could save €20B for taxpayers per year, according to the European Commission. The Covid-19 pandemic has highlighted this friction, and why it’s so important to fix it.
“The world’s governments buy everything from T.P. to A.I.,” says John Witt, Stotles Co-founder & CEO. “This creates a massive and messy set of challenges, but that’s exactly what gets us up in the morning. Our first stop – using our technology to help businesses break down the barriers keeping them from working with the world’s governments. We’re growing a world-class, global team to make it happen.”
“If 2020 made one thing very clear, it is the importance of the public sector working successfully together with private companies. We’re excited to partner with John, Taj, Carsten and the rest of the Stotles team to bring government procurement into the digital era,” says Jeroen Arts, Associate Partner at Speedinvest.
Stotles’ technology turns fragmented public sector data — such as spending, tenders, contracts, meeting minutes, or news releases — into a clear view of the market, and extracts relevant early signals about potential opportunities. It combines these insights with workflow tools so businesses can take the right actions at the right time, to win more business.
Stotles was founded in late-2019 by Taj Kamranpour, Carsten Schaltz, and John Witt, who met at London Business School after previous careers at organisations like Boston Consulting Group and the World Economic Forum.
Simon Johnson, general manager of Freshworks UKI says: “Stotles has eliminated the time we used to spend tracking tenders, and given us the insights to anticipate the public sector and tools to engage earlier. Our teams are now able to do more of what they’re great at – building informed relationships and creating value – and we’re seeing clear benefits to the tune of a 29x ROI.”
Ivailo Jordanov, partner at 7percent Ventures says: “It would be impossible to find a better suited team to solve the problem that Stotles is solving.
“We are excited to back them on this journey as their ambition levels, combined with the market opportunity create the perfect combination at the right time.”
The fresh funds will be used to scale up in the UK ahead of international expansion.