London-based B2B SaaS startup Stotles has just picked up $6.5 million in seed funding. The investment round was led by Headline and saw participation from Form Ventures, GTMFund, Speedinvest (which invested in Smiler and Greyparrot), FJLabs, 7Percent and angels, including prominent Berlin-based investor Mathias HiIlpert.
Stotles will use the new funds to boost product development and expand its Product and Commercial teams. Also, it will expand into new segments of the public sector and new locations beyond the UK.
Carsten Schaltz, co-founder and CPO said, “Governments will always need businesses, and this need will never go away. We’re solving fundamental business problems and this gives us powerful momentum, recession or boom. We’re excited to grow our world-class team over the coming months to solve these problems better and faster than ever.”
“Stotles helps foster competition in the public-sector, thus driving better outcomes for the government, taxpayers, and every member of society. This society-level impact is incredibly exciting and we can’t wait to do this at an even larger scale,” added Taj Kamranpour co-founder and COO.
Christian Miele, Partner at Headline and Chairman at the German Startups Association said, “I hear it daily from the highest level of governments: digitisation of public procurement is the single most important key to unlocking the future of the global public sector. Stotles is the team to enable this revolution globally and we couldn’t be more thrilled to back them.”
What issue does it tackle?
In 2019, Taj Kamranpour, Carsten Schaltz, and John Witt founded Stotles after they met at London Business School. It is building the operating system, which acts as a “single source of truth” to streamline the fragmented and unique data, processes, and workflows used by suppliers to work with governments globally.
The business-to-government (B2G) market is the $12 trillion backbone of the global economy. However, every day, we see the painful friction buyers and suppliers have to deal with fragmented data, complex regulation, heavy compliance, and messy workflows. By streamlining the business processes that connect business and government, the technology used by Stotles saves a trillion.
Recognising that most suppliers are not equipped to deal with the unique landscape, Stotles streamlines the end-to-end journey for businesses working with governments. It started with a product that helps commercial teams boost their public sector sales productivity.
Stotles’ product serves commercial teams such as sales, marketing, partner & alliance, and account management. It helps find more relevant opportunities faster, pinpoint buying signals earlier, and enable stronger qualification and faster prospect outreach with market data tools and key contact sources. All this is possible while plugging seamlessly into their existing workflow and tech stack.
Among a fast-growing customer base, leading companies like Workday, Tableau, and Gitlab have adopted the Stotles platform.