**Paris**: Crown, a Ukrainian-founded company, has raised €2 million in its first funding round led by Heartfelt, aiming to transform procurement through electronic auctions. The investment reflects a shift towards ethical and value-driven negotiation practices in an evolving market landscape.
Crown, a Ukrainian-founded company based in Paris, has successfully raised €2 million in its inaugural funding round, signalling a notable shift in the procurement landscape. The company, which offers electronic auctions as an innovative alternative to traditional procurement negotiations, aims to streamline the negotiating process for both buyers and suppliers.
The funding round was spearheaded by Heartfelt and included participation from several prominent investors, including Kima Ventures, Backbone Ventures, Another.vc, Apok Invest, ZAS Ventures, Prequel VC, and Bpifrance. The investment also attracted involvement from notable business angels such as Dr. Marcell Vollmer, former COO of SAP Ariba, Christophe Villain, Global Head of Supply Chain & Procurement Technology at Nestlé, and footballer Mario Götze.
Crown’s platform diverges from conventional methods that often rely on unspecialised software like Excel and Outlook for negotiations, providing a more efficient and focused environment. Mykyta Voytenko, the founder of Crown, has an extensive background in the field, having conducted over 300 electronic auctions for Fast-Moving Consumer Goods (FMCG) firms and currently teaches procurement at KEDGE Business School.
Reflecting on the purpose of auctions in the procurement process, Voytenko stated, “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.”
The funding will not only enhance Crown’s operational capabilities but also support its long-term vision of developing a comprehensive AI-powered suite aimed at elevating procurement practices further. “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,” commented Miklos David Stanek, Founding Partner at Backbone Ventures, highlighting the strategic significance of Crown’s leadership in the enterprise.
Crown’s entry into the market underlines a broader trend in procurement that is shifting the focus from mere cost management to value creation, emphasising the importance of collaboration and building stronger supplier relationships. As companies seek resilience and competitive advantage in an ever-evolving market, tools like Crown’s could play a pivotal role in redefining procurement strategies moving forward.
Source: Noah Wire Services
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