The tech startup world is no stranger to bold claims and ambitious promises, yet Monq’s recent announcement has caught the attention of experts and entrepreneurs alike. As a serial entrepreneur deeply entrenched in the European innovation landscape, I, Violetta Bonenkamp, am excited to explore how Monq is transforming procurement efficiency and deal execution through AI. In this article, we’ll explore the nuances of their offering, dissect why it stands out among competitors, and highlight actionable takeaways for entrepreneurs looking to leverage tech solutions for strategic growth.
A Turning Point for Procurement Innovation
Monq’s €2.5 million pre-seed funding round signals a pivotal moment for AI-driven enterprise solutions. The core innovation lies in its ability to streamline procurement negotiations, reportedly cutting costs by up to 40% and accelerating deal cycles by 5x. This startup, based in London and founded by talented alumni from Revolut and Deutsche Bank, is targeting inefficiencies in a $10.4 trillion global procurement market.
As someone who has collaborated with multinational companies and advised startups, I see immense value in tackling slow, manual procurement processes. Estimates suggest these inefficiencies cost enterprises around €86 billion annually, a pain point Monq is set out to resolve. What makes their platform unique is its leverage of multi-agent AI systems powered by large language models (LLMs) and behavioral science.
Insights from Early Traction
Monq’s promising figures are backed by real-world applications. During pilot implementations with FTSE-listed manufacturers, healthcare conglomerates, and Singapore’s automotive tech leader Ennovi, the results were measurable and impactful. These teams reported faster deal closures and critical cost savings. For businesses juggling multiple high-value supplier contracts, ranging from €1 million to €100 million, the appeal of accurate, AI-supported negotiations is undeniable.
As an entrepreneur who regularly negotiates multimillion-dollar partnerships myself, I know how draining these processes can be when conducted manually. Monq is not just simplifying a pain point; it’s enabling procurement managers to focus on strategic decisions while the system parses relevant contract data and suggests intelligent outcomes.
How Can Entrepreneurs Leverage AI in Procurement?
Monq's success raises a critical question: How can other founders and business owners replicate similar efficiencies in their organizations? Here's a step-by-step guide tailored for innovators and small business owners:
1. Understand Your Pain Points
Evaluate your procurement or negotiation processes. Are they slow, repetitive, and driven by intuition? Identify areas ripe for automation, like supplier vetting or contract evaluation.
2. Choose Scalable AI Solutions
Platforms like Monq showcase the future of procurement. While tailored, high-end SaaS tools may feel out of budget for smaller businesses, alternatives exist. Explore scalable solutions that integrate negotiation intelligence or predictive analytics in procurement workflows.
3. Aim for Visibility and Transparency
AI-driven negotiation isn’t just about time or costs; it’s about unlocking hidden patterns. Tools that generate insights on supplier performance or risk mitigation let businesses negotiate smarter and scale faster.
4. Collaborate with Tech Partners
We live in a time where strategic partnerships create exponential growth. Don't build everything from scratch, align with proven AI providers or establish co-pilot relationships with offerings like Monq.
Common Mistakes Entrepreneurs Should Avoid
Having advised startups globally through mentorship programs like Yes! Delft, I’ve seen founders stumble into traps when integrating innovative solutions. Here are typical errors to dodge when adopting AI systems in procurement:
- Over-reliance on the tech: While AI provides a groundbreaking foundation, it’s still critical to involve teams in refining outputs. Monq wisely positions its AI as an enhancer rather than as a replacement for human judgment.
- Failing to align teams: Procurement optimization involves multiple departments, finance, operations, and legal. Too often, initiatives fall flat due to lack of alignment from all key players.
- Ignoring scalability: Early adopters can make the mistake of pushing for expensive tools that overwhelm smaller businesses. Simpler, adaptable AI alternatives may be more beneficial for startups and small-to-medium enterprises.
Why Monq Stands Out
European AI startups are enjoying an upswing in funding. Competitors like Germany’s Mercanis (€17.3 million) and Matchory (€6 million) are exploring AI’s capabilities in supplier discovery or operational automation, yet Monq’s focus on enhancing deal execution sets it apart.
Monq’s ability to negotiate smarter isn’t a matter of chance. By combining negotiation psychology, contract intelligence, and behavioral science, it offers analytics-driven recommendations that far exceed assumptions-based decision-making. As someone who creates interdisciplinary tools for my own startups, I can attest to the transformative impact of merging insights from neuroscience, intellectual property management, and pragmatic AI.
The Bigger Picture: AI Is a Partner, Not a Competitor
For startups, AI should be the trusted partner enabling smarter decisions alongside human ingenuity. Monq’s founders, Yasin Bostancı and Duygu Gözeler Porchet, emphasize that AI isn’t a replacement for human judgment, it’s an amplifier. As entrepreneurs, we need to approach AI as a complement and not succumb to the fear of automation replacing expertise.
Final Takeaways for Innovators and Business Owners
Monq’s achievements hold lessons for entrepreneurs. To summarize:
- Don’t fear niche solutions: Monq’s laser focus on negotiation optimization demonstrates that specialized products often bring higher ROI compared to broad-ranging tools.
- Invest in tech as leverage: Tech should work for you in augmenting your bandwidth. Monq proves that automation isn’t about losing control, but about amplifying results.
- Think partnership: Successful startups often connect their offering with larger ecosystems rather than going solo. Monq’s pre-seed round highlights how strategic investors with expertise in deeptech and AI contribute to scaling efforts.
The world of procurement may seem far removed from creative industries, SaaS, or education-focused startups like Fe/male Switch. However, Monq’s success illustrates that even the most traditional processes can benefit from intelligent automation. Entrepreneurs can achieve what seemed unreachable just a few years ago by being open to adapting innovations rooted in data.
Monq’s €2.5 million raise is more than just another funding announcement, it’s a call to action for all business leaders looking to negotiate smarter, grow faster, and innovate on a deeper level. Every entrepreneur should ask themselves: Where am I leaving value on the table, and how can tech unlock my next opportunity?
FAQ
1. What is Monq and its purpose?
Monq is a London-based AI-driven negotiation platform designed to tackle inefficiencies in enterprise procurement processes. It uses AI systems to optimize supplier negotiations, reduce costs, and accelerate deal cycles. Learn more about Monq's AI-driven platform
2. How much funding has Monq raised, and who led the round?
Monq raised €2.5 million in a pre-seed funding round, led by Outward VC with contributions from several other venture capital firms including Cornerstone VC and Octopus Ventures. Discover details of Monq's funding round
3. What measurable outcomes has Monq achieved in early pilots?
Early pilots of Monq with FTSE-listed firms and global enterprises have reported up to 40% cost savings and a fivefold acceleration in deal cycles. Read about Monq's early impact
4. What technologies does Monq incorporate into its platform?
Monq uses multi-agent AI systems powered by large language models, behavioral science, and contract intelligence to optimize strategic procurement negotiations.
5. Who are the founders of Monq?
Monq was co-founded by Yasin Bostancı, formerly associated with Revolut, and Duygu Gözeler Porchet, an ex-employee of Deutsche Bank and HSBC. Discover more about Yasin Bostancı and Duygu Gözeler Porchet
6. Why is Monq considered unique in the competitive AI procurement space?
Unlike competitors focused on supplier discovery or supply chain automation, Monq specializes in optimizing high-value procurement negotiations and accelerating deal execution. Learn what sets Monq apart
7. What size of deals does Monq aim to optimize?
Monq's platform is designed to assist companies with supplier contracts ranging from €1 million to €100 million.
8. What global markets does Monq aim to target with the funds raised?
Monq plans to expand its operations in the EU, US, and Middle East, scaling current pilot projects and broadening adoption. Read about Monq's expansion plans
9. How does Monq view the role of AI in procurement processes?
Monq emphasizes AI as a tool to amplify human judgment in procurement, helping enterprises negotiate smarter while unlocking hidden value.
10. Which industries have seen early success with Monq's platform?
Industries benefiting from Monq's early pilots include manufacturing, healthcare, automotive technology, and logistics. Explore examples of Monq in action
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.