It was announced today that Dublin-based tech company, TenderScout, has secured €1m from private investors and angel funds, with a pipeline of further investment in place. The Dublin-based tech company has had €300k backing from Enterprise Ireland.
European and US expansion is also planned for 2019 for the technology platform that helps firms win Government business by identifying new business opportunities while improving the tendering process. As a result of the investment, 15 new jobs are to be created in technology, customer service, and sales and marketing roles in the next two years.
The Irish company gives SMEs the ability to participate in public tenders, regardless of their scale or tendering expertise. Its solution uses state-of-the-art machine learning algorithms to qualify tender opportunities for SMEs, giving information on the tender competitions they have the best opportunity of succeeding in, given their capabilities and the level of competition. The beta platform is now used daily by over 100 companies, having started with 24 clients in 2016.
Commenting on the expansion, TenderScout Founder, Tony Corrigan said, "Around 90% of SMEs don’t participate at all in public tendering because they lack the expertise to compete and decide it’s too hard or time consuming and generally inaccessible to small business."
He added, "Essentially, we simplify Government contracting opportunities for small and medium businesses, saving them time trawling through tender alert lists and figuring out their likelihood of winning the contract."