Cube RM announced a round A funding of 8 million dollars led by Serguei Beloussov’s Runa Capital, with the participation of Marathon VC.
More than 1.5 million public sector tenders and contracts are published each year by governments around the world, with a total value of up to 5 trillion dollars. For some sectors such as pharmaceuticals and medical equipment, these supplies account for a significant part of companies’ revenues.
Cube RM offers an automated solution for tenders and government contracts for the first time in the market. It helps businesses discover new competitions worldwide, evaluate them and prioritize them based on each company’s product list and history.
In addition, it helps customers predict future bids, facilitate preparation and bidding, while optimizing prices and tracking winners and competitive information.
Cube RM is already working with bidding portals in many markets, across the EU, the US, the UK, LATAM and the EMEA region. By collecting hundreds of thousands of requests for tenders around the world and by processing unstructured data, Cube RM provides a significant competitive advantage to its customers according to the announcement.
Cube RM customers such as Boston Scientific, Takeda, Kemira and Bavarian Nordic are already using the Greek Startup platform while some companies on the Fortune 500 list report significantly more revenue per offer on average, along with thousands of hours of work saved to manage prices, approvals and promotions, after the development of Cube RM solutions in various departments.
“We first invested in Cube RM three years ago. Since then, Kostas Economopoulos, George Boretos and Filippos Kytinos and their team have redesigned the workflow on bid management and delivered what we believe is an innovative solution that drives the market forward,” said George Tziralis, Partner at Marathon VC.
The company will use the funds to further develop its platform and tools and new jobs are expected to open soon.