Crown, the Paris-based company transforming procurement negotiations with innovative electronic auction (‘eAuction’) technology, has raised €2 million in its first funding round.
This pre-Seed round was led by Heartfelt, with participation from Kima Ventures, Backbone Ventures, Another.vc, Apok Invest, ZAS Ventures, Prequel VC and Bpifrance. The round also included contributions from notable business angels such as Dr. Marcell Vollmer, former COO of SAP Ariba; Christophe VIllain, Global Head of Supply Chain & Procurement Technology at Nestlé; and Mario Götze, professional athlete and business angel.
“For nearly 30 years, eAuctions have been used solely to drive down prices, often in ways that lack transparency and ethics. At Crown, we see auctions not as a weapon, but as a tool—one that, when used ethically, creates win-win outcomes for buyers and suppliers. We believe auctions are the most powerful negotiation tool when their core purpose is achieving fairness, value, and mutual success,” said Mykyta Voytenko, Founder & CEO of Crown.
Founded in 2024, Crown’s founder, Mykyta Voytenko, has over 15 years of experience in international supply chain and procurement. Having led strategic initiatives at companies such as Nestlé, Engie, and Sanofi, Mykyta has conducted more than 300 eAuctions for top-tier FMCG companies.
After training over 2,500 procurement professionals, who repeatedly emphasised the need for modern, technology-driven tools to replace outdated methods, Voytenko recognised a clear gap in the industry.
According to Crown, procurement represents up to 60% of an industrial company’s turnover, making it a key lever for cost reduction and profit generation. Negotiation, a central part of procurement, can directly impact savings and profitability. Electronic auctions simplify this process by enabling suppliers and buyers to finalise negotiations in just 20 minutes via Crown’s platform.
“At Heartfelt, we seek out exceptional founders with unparalleled expertise and a bold vision for transforming their industries. Mykyta’s deep understanding of procurement, coupled with his ability to translate industry challenges into innovative solutions, is exactly what sets Crown apart. By reimagining negotiation through technology, Crown is not just optimising processes but fundamentally changing how procurement teams deliver value. We’re excited to support their mission to reshape the future of procurement,” said Joerg Rheinboldt, Founding Partner at Heartfelt.
In less than one year since its 2024 inception, Crown has reportedly outpaced traditional auction systems and achieved significant milestones:
- Implemented eAuction programmes with four clients, enabling them to route nearly 50% of their spending through eAuctions.
- Organised dozens of eAuctions involving hundreds of suppliers.
- Delivered 9% savings on average for its clients.
While eAuctions are Crown’s first step, the company’s mission is to build a full AI-powered suite for procurement, transforming the way businesses achieve efficiency, transparency, and results in their negotiations.
“Embracing advanced eAuction solutions enables businesses to achieve unmatched efficiency and transparency, driving competitive bidding and significant cost savings, thereby transforming Procurement teams into a strategic advantage,” added Christophe Villain, Global Head of Supply Chain & Procurement Technology, at Nestlé.
Read the orginal article: https://www.eu-startups.com/2025/02/eauction-startup-crown-raises-e2-million-to-transform-procurement-strategy/
