Monq raises £3 million to launch AI-driven negotiation platform

Monq has emerged from stealth and raised $3 million for its AI-driven strategic negotiation platform. Monq’s AI agents combine LLM reasoning, contract intelligence, and behavioural science to negotiate complex, million-dollar supplier deals that power global enterprises. The round was led by Outward VC. With participation from Cornerstone VC, Portfolio Ventures, Octopus Ventures, Endurance Ventures, Lakestar Halo, and several strategic angels.

On its portfolio page, Outward VC gave three main reasons for its investment in the startup:

• Platform with potential to unlock billions in $10.4Tn trillion global procurement market
• Fixing a trillion-dollar blind spot
• An exceptionally talented team obsessed with solving a real customer pain

Devin Kohli, 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.”

Monq will use the funding to scale its engineering and product teams and accelerate global rollout. The firm has seven open roles across Sales, Engineering, Design, and its CEO’s office. The indication is that the roles are available to candidates from the UK, Poland, Spain, Turkey, the US, and the UAE.

The beginnings

Monq was founded in April this year by Yasin Bostanci, CEO and Duygu Gözeler Porchet, CFO. Bostanci was previously an operating partner at Revolut for nearly 5 years. He also spent 3.5 years as an R&D Director and AT Member at Huawei. Porchet is an experience leader, and has worked with several venture capital firms and startups after holding leadership positions at both Deutsche Bank and HSBC.

Monq has a clear business problem that it is trying to address. Procurement contracts between $1 million and $100 million are critical to the success of enterprises across many industries, from manufacturing and tech to logistics, professional services, and more. Supplier.io estimates that the spend across only 466 companies in 15 industries reached $1.4 trillion.

Why Strategic Procurement

Monq believes that strategic procurement, due to its complexity, is one of the last enterprise functions to be fully automated. Some elements are automated, such as contract lifecycle management, and there are several procurement solutions around. However, research by Ivalua found that 53% of procurement and supplier management processes have not yet been digitised. It results in 22% of procurement time being wasted on paper-based or manual processes.

There is also a significant amount of guesswork involved in procurement decisions; many of the systems around are automating existing processes rather than reimagining and transforming the whole process.

There is a huge opportunity for Mon with Global Market Insights estimating that the global procurement software market size was valued at USD 7.5 billion in 2024. The market is expected to grow from USD 8.1 billion in 2025 to USD 17.8 billion in 2034, at a CAGR of 9.2%.

Yasin Bostancı, Co-founder and CEO of Monq, said, “Strategic procurement is one of the last frontiers for true automation because so much of it remains powered by intuition. 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.” 

What is Monq building?

The Monq team is building a multi-agent AI system that combines LLM reasoning, contract intelligence and behavioural science. This is to enhance, rather than replace, this human intuition. Agents leverage deal history, supplier performance metrics, and negotiation psychology patterns to simulate counterparty moves, recommend optimal levers, and, where authorised, autonomously negotiate deals end-to-end.

Humans are in the loop at every stage of the process. Either through direct control at different gates or by configuring parameters for decisions the agent can make. Each step in the procurement journey is managed. Thus, freeing up procurement leaders to focus on relationship building and strategy rather than the time-consuming minutiae.

They can do so with the comfort that the Monq platform is performing as well as, or even better than, they would in the detail and manual processes. Thus, allowing them to spend more time building relationships.

Håkansson’s work positions relationships not just as a marketing tool, but as a vital strategic asset that drives a company’s ability to create value, innovate, and survive in a competitive landscape. A firm’s relationships “are one of the most valuable resources that a company possesses” (Håkansson, 1987).

The solution is already showing benefits to early adopters. Monq is working with Ennovi, a Singapore-based automotive tech leader, and other FTSE-listed manufacturers and global healthcare groups. Its solution helps these organisations unlock millions in hidden value. Early metrics indicate that its platform has helped cut costs by up to 40%, and close deals 5X faster.

Building on early traction

In early pilots with partners – and Singapore-based automotive tech leader, Ennovi – Monq is estimated to have helped cut costs of up to 40%, close deals as much as 5x faster, and unlock millions in hidden value. Having led and assisted negotiations across capital expenditure agreements, consulting and professional service engagements, software and technology licensing, and logistics and supply chain arrangements.

Georgie Fu, Senior Director of Category Management at design partner Ennovi, said: “In today’s rapidly changing world, identifying supply risks and developing effective mitigation plans in a timely manner has become an increasingly complex challenge for procurement managers. At Ennovi, we are excited to collaborate with Monq to develop an AI-powered tool that will empower our procurement teams to make more accurate, data-driven, and timely decisions.”

Monq currently operates on a subscription-based pricing model. However, it is considering a value-based pricing model. It aims to charge a percentage of the savings that Monq unlocks for enterprises. This will be hard to deploy; whilst it can work well initially, it becomes increasingly difficult to make it work for both parties over time. It will be interesting to see how they manage to achieve it.

Duygu Gözeler Porchet, Co-founder of Monq, said: “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.

“Yet teams are under growing pressure to do more with less – secure better deals, manage supply risk, and deliver measurable value even as networks grow and complexity rises. 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.”

Enterprise Times: What does this mean

There is little detail available on the Monq website about the platform yet. Hopefully, they will continue to develop and share what the platform is capable of in the coming months. The opportunity is huge, and if it helps organisations uncover value, this might be a great success. However, it will face competition from incumbents and other firms working in this sector. As they already have agentic AI solutions that cover elements of what Monq is committing to deliver.

It will also be interesting to see what partnerships and integrations Monq introduces over time. Will it consider working with SAP, Oracle, Workday, or someone else, to open the doors to the global enterprises it is looking for? When it goes for Series A funding, will one of the large Tech vendors look to invest?

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