Stotles, the London-based platform that helps private sector suppliers grow their revenue in the public sector, has raised £10m ($13m) in Series A funding.
The round was led by Headline and Acton, with participation from Form Ventures and Seedcamp.
Stotles supports the end-to-end commercial process of creating strategy; building a qualified pipeline; finding the right tenders, and qualifying those opportunities to generate a first draft of a bid.
Stotles was founded in 2020 Taj Kamranpour, John Witt and Carsten Schaltz and its platform uses AI to enhance decision-making at every stage of the sales cycle, keeping its customers focused only on serious revenue opportunities.
Stotles AI analyses millions of government data points and uses a bespoke algorithm to size suppliers’ total addressable markets (TAM), build their target account lists, identify early buying signals, and only show businesses the most relevant contracts in the public sector.
Suppliers can easily find connections between opportunities, buyers’ procurement histories, competitor relationships, and potential partners, to enrich them with additional information that would have taken hours to find across thousands of portals without Stotles AI.
The company’s AI also analyses live tenders to qualify whether companies should bid on them. This stops suppliers wasting time on opportunities they won’t win, and saves time by using AI to generate drafts of bids companies choose to pursue.
With public sector spending reaching over £400bn annually in the UK alone, and over $13 trillion worldwide, Stotles is positioned to meet demand for a platform that helps businesses navigate the increasing complexity of selling to the public sector.
The new funding will be used to allow Stotles to expand into the US market.
John Witt, CEO and co-founder of Stotles, said: “Governments everywhere are thinking differently about what and how they buy.
Stotles co-founders – L-R Taj Kamranpour, John Witt, Carsten Schaltz
“We’re seeing changes in the UK and US public sector markets towards efficiency and cost cutting; with both the Labour government’s policies to cut the cost of government operations, and the creation of the Department of Government Efficiency (DOGE) respectively.
“The market is evolving, and businesses who stand still are being left behind. This is why Stotles exists, because our customers increasingly need a single place to manage the complexity of this market to grow their public sector revenue,” Witt adds.
Christian Miele, general partner at Headline, said: “For Europe to meet the demands of the future, procurement must evolve. We thrive only if the public and private sectors work in sync.
“Procurement is the beating heart of that relationship. Yet it remains massive, under-optimised, and lacking transparency.
“With Stotles, we’re continuing to back a team that is building the tools to modernise how trillions in public funds are accessed, giving more businesses the opportunity to participate. This is what real government efficiency can look like.”
Julius Lühr, partner at Acton, said: “B2G transactions are massive in terms of volume and affect all of us. However, the sector’s special requirements often create friction and complexity.
“Stotles’ team obsesses about the nuances of the industry and has created the definitive suite of products to help companies sell effectively to the public sector.”
The company’s technology is used by public sector teams at Amazon Business, Salesforce, Snowflake, Civica, SAP, Palo Alto Networks, Appian, Vodafone, AtkinsRéalis, CGI, Moody’s, Genesys, Splunk, NEC Software, UiPath, Zscaler and Zoom.