Contingent, the Supplier Insight platform that makes procurement simple for the entire company, announced on 16th March 2022 that it has raised US $8.2 million in funding.
Octopus Ventures led the round, including Connect Ventures, Concentric, Seedcamp, Ascension, and Working Capital Innovation Fund. Octopus Ventures is one of Europe’s largest and most active early-stage investors.
The funds will be utilized to create a range of SaaS apps and expand internationally.
What the founders have to say:
Tai Alegbe, Co-Founder and CEO of Contingent, says
“It’s commonly acknowledged that the traditional questionnaire procedure for onboarding suppliers is inherently flawed. A significant amount of time and resources are wasted by buyers and sellers obtaining information from suppliers, the majority of which is rarely examined. It’s difficult to discover dangers with corporations relying on supplier self-certification and little time or information to check claims.
Teams are thus completely reliant on word-of-mouth or luck to find out if anything changes, usually too late, resulting in their reacting to concerns rather than being proactive. Historically, the sole cure has been regularly repeating the document gathering procedure to refresh the process. Teams want to spend their time and energy figuring out if the product or service can help them achieve their objectives, not if the provider can meet internal or external standards.”
What the investors have to say:
Fred Ellis, Investor, Octopus Ventures, said:
“The need for businesses to be more strategic in their procurement of products and services has now become a board-level priority that can provide a competitive edge. Businesses worldwide are rethinking how and where they obtain goods and services. As supply chains become increasingly linked, global, dynamic, and unpredictable, the danger of supply interruption and financial losses increases.”
Contingent was developed, created, and constructed by a team of financial risk technology professionals and AI researchers with one purpose in mind: to fundamentally revolutionize how procurement is done. It was launched in 2020. Since then, Contingent’s global customer base has grown at a rate of over 10x each year, and the platform has helped teams at Monzo, Seagate, Huel, Barratt Developments plc, and HM Government, among others, become procurement heroes.
Contingent’s lightweight and proactive real-time insights tool integrates seamlessly into an organization’s existing procurement workflow, reducing friction and increasing resilience while empowering procurement teams to make better decisions and collaborate more closely with the rest of the organization.
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