Monq reports up to 40% cost savings and 5x faster deal cycles as it secures €2.5 million
London-based Monq has secured €2.5 million in pre-Seed funding to launch its AI-driven strategic negotiation platform. The company, which is emerging from stealth mode, aims to scale its engineering and product teams with this investment. This marks a significant move in the European ProcureTech landscape, further fueled by increasing interest in AI-powered solutions. The funding round was led by Outward VC, with participation from several other venture capital firms including Cornerstone VC, Octopus Ventures, and Lakestar Halo. Monq’s CEO, Yasin Bostancı, emphasizes the company's goal to amplify, rather than replace, human judgment in strategic procurement. Recent reports show the company could achieve up to 40% cost savings and 5x faster deal cycles. This investment positions Monq within a growing European market for AI in procurement, with other firms such as Mercanis, Nvelop, Magentic, and Matchory also securing significant funding. These companies are applying AI to various aspects of procurement workflows, from supplier discovery to supply chain automation. Monq distinguishes itself by concentrating on AI-supported strategic negotiation, offering a specialized approach.
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