Govradar offers a procurement platform for the public sector designed to simplify and accelerate the creation of tender documents and the solicitation of bids for public contracting authorities. The AI-supported software-as-a-service solution enables the creation of tender documents without requiring government or municipal employees to manually create them in complex processes. The Munich-based startup's solution also aims to ensure that service descriptions are legally compliant, clear, and unambiguous, allowing potential suppliers to submit tailored bids.
With the capital from the seed round, co-founders Sascha Soyk and Daniel Faber plan to expand the content of their platform in order to attract additional clients with new product categories and further facilitate access to the public sector for suppliers. The platform is intended to evolve from a SaaS model into a broadly positioned player in the European public sector, connecting suppliers and purchasers and enabling easy bid submission. This should enable smaller suppliers, in particular, without a large public sector sales force and long-standing expertise to submit competitive bids in public tenders. The solution addresses all public actors bound by procurement law and expending taxpayer money, as well as, in the long term, all suppliers.
“Great optimization potential for public procurement”
Sascha Soyk, Co-Founder and CEO of GovRadar, explains:
"In the EU, public sector procurement processes cost €34 billion annually. This figure does not include a single procured good. The automation of these processes therefore offers great optimization potential for public procurement – both on the contracting and supplier side."
Markus Hölzl, Business Angel in Baystartup-Investor network, says about his renewed investment:
"The Govradar team has exceeded all expectations so far. They have demonstrated how to make public procurement more efficient and faster and translate this into contracts. The collaboration with the founders is excellent, and the team is developing very well in all areas. That's why, after the pre-seed round, I also co-financed the recently completed seed round."
Levers for more digitalization in the public sector
And Wolfgang Reitzle, Chairman of the Supervisory Board of Continental AG and serial investor, adds:
"The Govradar founders presented the topic to me immediately after the start of Russia's war of aggression against Ukraine. In addition to the urgent need to fundamentally improve defense procurement, I see a need for the platform in many other areas as well—just look at the health authorities during the coronavirus crisis! We still have so much catching up to do when it comes to digitalization in the public sector. I see GovRadar as a key lever for this and with enormous potential."
