Contingent - the startup that's reinventing procurement
by Startacus Admin
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London-based supplier insight startup Contingent is on a mission to make the entire procurement process easier and help companies better manage supply chain risk and compliance.
Procurement of goods and services is a fundamental aspect of a great many businesses, but it isn’t a straightforward process. There are risks and hassles that come with the decision to use this supplier or that, and investigating takes time away from concentrating on the more important aspect of the business.
To see the ripple effect of a supply chain disruption before it even reaches your suppliers, and understand how that is going to have a knock-on effect on your business, is something that takes more than a cursory glance once in a while, and it’s only one aspect of procurement.
London-based supplier insight startup Contingent has created a platform to make this process easier, and take that hassle back out of procurement.
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The SaaS platform provides real-time analysis of the suppliers and businesses, which not only makes the procurement process smoother, but also eliminates a lot of risk and ensures that everyone is complying with regulation. With deep due diligence, the platform will identify risks for you, so you can see trouble coming before it becomes a problem.
As Contingent’s CEO, Tai Alegbe, puts it, the platform will enable businesses to take the time worrying about whether a supplier meets requirements and regulations, or whether supply chain disruption could hit them hard and cause undue headaches, and use it instead to concentrate on whether that supplier’s product or service can meet their goals.
In March, Contingent announced that it had raised $8.2 million in funding in a round led by Octopus Ventures, with participation from Working Capital Innovation Fund, Seedcamp, Concentric, Ascension, and Connect Ventures. This brings the total funding for the startup - which is already being used by numerous clients such as the British government, Monzo, Seagate, and Huel - to $11 million.
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Published on: 30th March 2022
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