Stockholm-based startup Hedda has secured €1.5 million in pre-seed funding to develop its AI platform for bid writing. The round was backed by Zenith Venture Capital, Antler, and Wave Ventures. Hedda’s platform is designed to automate parts of the bid writing process and streamline collaboration for teams working on procurement tenders. With public procurement in the EU exceeding €875 billion annually, the company is targeting a market where manual workflows still dominate. The funding will be used to expand Hedda’s engineering team and support go-to-market activities.
Hedda is building a centralized platform that automates content creation, streamlines collaboration and helps teams deliver high-quality bids faster.
More than €875BN is spent every year in the EU on public procurement. However, the process of issuing tenders and writing bids has remained unchanged for decades.
Hedda allows teams to generate and automate content seamlessly and collaboratively to significantly reduce the time to write and submit bids.
Zakarias Hedenfalk, co-founder and CEO of Hedda, comments, “Bid writing is the laborious, time consuming process that sits behind many of the largest and most important public and private investments in Europe. The addressable market for this technology in public procurement in the Nordics is worth €55BN. We are leveraging AI to transform bid writing and accelerate the process for teams and companies.”
Hedda joins a new generation of Swedish AI startups that are attracting significant interest from investors as Stockholm emerges as one of Europe’s leading AI cities. The funding will be used to expand Hedda’s engineering team and GTM capabilities.
Elin Torstensson, Principal at Zenith Venture Capital, comments, “We are excited to lead Hedda’s pre-seed round, and support the team on their mission to revolutionize how companies and bid teams approach public procurement bidding. Since the very first time we met the founders, we’ve been impressed by their deep technical edge and exceptional shipping velocity. This is exactly the kind of team we believe can build a category-defining company in a market ripe for disruption.”
Hedda is founded by a team based in Stockholm that combines technical AI expertise with significant experience in startups and financial services.
Zakarias Hedenfal is the co-founder and CEO and Maximillian Claesson, is the co-founder and CTO of Hedda. Together they previously founded the machine learning startup, Nofine, which was Europe’s first parking sign reader and became the No 1 downloaded app in the Swedish app store.
They are joined by Fredrik Juvet, co-founder and CPO, and Fabian Platoff, co-founder and CRO. Fredrik is Norwegian and has a solid financial and analytic background from Pareto and Enter Fonder. Fabian worked at Carnegie and Nordea with an active focus on sales. The entire founding team has an academic background from KTH Royal Institute of Technology.
Tobias Bengtsdahl, Partner at Antler, comments, “Hedda are applying world-class AI technology to improve a process that impacts countless industries and public services across Europe. The founding team combines real entrepreneurial talent with a deep understanding of financial services and procurement for some of the largest companies in the Nordics. This is AI with a real and immediate use case that will significantly accelerate bid writing for some of the region’s largest and most important contracts.”
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Read the orginal article: https://arcticstartup.com/hedda-raises-e1-5-million-pre-seed/
