Monq has secured $3 million in pre-seed funding to launch its AI-driven strategic negotiation platform aimed at transforming procurement processes across industries.

Information on the Target

Monq, founded by Yasin Bostancı and Duygu Gözeler Porchet, has recently emerged from stealth mode, securing $3 million in pre-seed funding to launch its innovative AI-driven strategic negotiation platform. With experience from Revolut and Deutsche Bank, the founders aim to address significant inefficiencies in enterprise procurement processes. Their platform has demonstrated the ability to reduce costs by up to 40% and accelerate deal closures by five times through early pilot partnerships with various industries, including manufacturing, automotive, healthcare, and logistics.

Industry Overview in the Target's Specific Country

The strategic procurement sector is an essential component of enterprise operations, particularly in the United States, where the market is valued at approximately $10.4 trillion. Despite its size, this sector has been relatively untouched by full automation, with many companies still relying on manual processes to handle high-value supplier contracts ranging from $1 million to over $100 million. The inefficiency of these outdated practices has led to a significant loss of time and resources, as nearly 25% of procurement activities are spent on low-value tasks.

This illustrates the increasing necessity for advanced technological solutions in strategic procurement as enterprises seek to improve operational efficiency and adapt to complex supply chains. With growing pressure