Monq, a new AI startup launched by alumni from Revolut and Deutsche Bank, has emerged from stealth with $3m (£2.3m) in funding.
Founded to tackle the manual processes and inefficiencies of high-value multi-million pound supplier contracts, Monq has developed a multi-agent AI system that uses “LLM reasoning, contract intelligence and behavioural sciences” to negotiate them.
“Strategic procurement is one of the last frontiers for true automation because so much of it remains powered by intuition,” said Monq co-founder and chief executive Yasin Bostancı.
“Throughout my previous roles, I saw just how much instinct drives results, but also how much time is wasted and how much value is being left on the table because instinct alone can only go so far.
“Our goal at Monq isn’t to replace that judgment but to amplify it. By empowering procurement teams with strong, actionable, data-driven and intelligent insights, we’re giving enterprises the speed, clarity and confidence to negotiate at an entirely new scale while unlocking billions in hidden deal flow, value and efficiency before that value is lost to the company.”
Bostancı previously worked as an operating partner at Revolut’s CEO office. Fellow co-founder Duygu Gözeler Porche’s background has seen him work at major banking organisations including Deutsche Bank and HSBC.
“Businesses live and die by the deals they make. The average enterprise spends more than half of their operating income purchasing services and/or products to keep operations running, meaning procurement is a core driver of performance, resilience and growth,” added Porchet.
“At Monq we’re tackling this head on by giving companies the confidence to negotiate smarter, faster, and at a greater scale than ever before.”
The round was led by Outward VC with participation from Cornerstone VC, Portfolio Ventures, Octopus Ventures, Endurance Ventures, Lakestar Halo and angels.
Devin Kohli, a partner at Outward VC said: “Monq’s AI platform has the potential to redefine enterprise procurement entirely. The strategic procurement space is a blue ocean for AI innovation and Monq’s unique AI-human approach is already unlocking millions in measurable savings while transforming how enterprises work. We are delighted to be partnering with Yasin, Duygu and team.”
