A Netherlands-headquartered AI-powered bid management startup has raised £6.7m in Series A funding as it looks to expand its UK presence with the opening of a second London office.
Altura has also become the first business to launch autonomous AI agents to help companies win more public and private sector tenders, particularly as procurement processes grow more complex.
The round was led by leading European venture capital firm Octopus Ventures, with existing investors Fortino Capital, Curiosity VC and Perry Oostdam and Pawel Smoczyk of P1ST investors also participating.
The firm first launched its software in 2021 and has established a strong presence in Benelux, supporting several major brands, including Adecco, EY and Ricoh.
With the new funding the business says it will introduce ‘true agentic AI capabilities’, with its autonomous agents which can assist users, as well as actively complete tasks and make decisions on their behalf.
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“We see the UK as a perfect next step for Altura,” said Matthijs Huiskamp, founder & CEO of Altura. “While AI is still in the early stages of adoption in bid management, the UK is one of Europe’s largest markets, with £350bn spent annually on public sector procurement.
“With the new Procurement Act, we see an even bigger need for bid management software, since this will enable and encourage even more companies to participate in the tenders.
“This creates more demand for software such as ours that helps companies work more efficiently to win more bids.”
Constanza Diaz, investor at Octopus Ventures, added: “Bid management is an essential function in many companies, directly linked to companies’ top-line growth.
“Altura is redefining what modern bid processes look like through its AI-powered solution, giving teams the automation and insights they need to operate at the next level.
“We are proud to welcome Altura to the Octopus Ventures portfolio and support the team in its UK expansion.”
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