Pactum, an Estonian business negotiation technology startup, has raised USD20 million in additional funding.
The investment was led by 3VC, with participation from new investors NordicNinja VC and Maersk Growth, and existing investors Atomico, Project A, Metaplanet and Taavet+Sten, an investment company run by Wise’s cofounder Taavet Hinrikus and tech entrepreneur Sten Tamkivi. Maersk Growth invested after Maersk’s procurement team successfully deployed Pactum’s technology to negotiate spot trucking rates.
Pactum’s solution – which uses advanced mathematical models, cognitive science and best-in-class negotiation techniques – leverages intelligent bots to digitally engage third parties and negotiate mutually-benefiting contracts, leading to better pricing, payment terms and supply continuity.
“On average, Pactum generates savings of 3%-5% when fully deployed by enterprise clients, creating hundreds of millions of dollars in unrealised savings,” the company said.
The company will leverage the funds to further expand in the US and Europe, and accelerate investment in its capabilities across logistics, intelligent contract optimisation and retail item-level merchandising operations.
Pactum works with USD5 billion-plus revenue companies, including many top Fortune 500 organisations such as Walmart and Maersk. The company is based in Mountain View with engineering and operations in Estonia.