Cube RM, headed by Runa, raises $8 million to launch a global government tenders platform

Every year, governments worldwide advertise millions of tenders and public sector contracts. The total cost is predicted to be around $5 trillion, with a target of $9 billion by 2025. 

Presently, there is no worldwide platform to access all of these tenders, and older tools solely support the application procedure. However, most European and North American governments developed online tender portals a few years ago, making it easy to scrape them on a large scale. Guess what? That is what a startup has done.

Cube RM is a platform that combines tender application and administration into one. The firm claims to assist businesses in finding, bidding for, and winning tenders worldwide. It has now closed an $8 million Series A investment sponsored by Runa Capital, with current investor Marathon Venture Capital participating.

With intentions to grow into other industries, the business primarily targets multinational pharmaceutical and medical equipment corporations. Boston Scientific ($BSX), Takeda ($TYO), Kemira ($KEMIRA), Bavarian Nordic ($BAVA), and others are among the clients so far.

“While working with global life sciences customers, we discovered that 25% to 60% of their revenues comes from public sector tenders, which is rather significant considering the trillion-dollar size of the market. Previously, there was no software system to discover new tenders that are being published every day on a global scale and help those companies manage the processes for preparing their quotation and find the best price to win the tender with the use of the latest AI technology,”

Costas Economopoulos, co-founder of the company.
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