Crown Raises €2M to Transform Procurement Processes with eAuctions

Paris-based Crown, a company focused on modernizing procurement through e-auction technology, has secured €2M in its pre-seed funding round. The round was led by Heartfelt, with participation from investors such as Kima Ventures, Backbone Ventures, Another.vc, Apok Invest, ZAS Ventures, Prequel VC, and Bpifrance.

Notable business angels, including Dr. Marcell Vollmer, former COO of SAP Ariba, Christophe Villain, Global Head of Supply Chain & Procurement Technology at Nestlé, and professional athlete and business angel Mario Götze also contributed to the round.

Crown’s Vision for Reshaping Procurement

Founded by Mykyta Voytenko, Crown aims to bring a structured, transparent approach to procurement by prioritizing negotiation as the central component of the process. Born in Kyiv, Ukraine, and now based in Paris, Voytenko brings over 15 years of international experience in supply chain and procurement. He also shares his expertise as a lecturer at KEDGE Business School, where he teaches procurement within the school’s Master in International Purchasing (MAI) program.

Speaking about his motivation, Voytenko emphasized the outdated nature of traditional procurement tools, which often rely on basic applications like Excel and Outlook. “Procurement is one of the largest cost centres in businesses, yet negotiation—the heart of procurement—remains outdated, manual, and inefficient,” he said.

Leveraging eAuctions for Efficient Negotiations

Crown’s platform focuses on facilitating efficient and ethical negotiations through structured e-auctions, designed to help buyers and suppliers reach agreements quickly and fairly. Voytenko, who has conducted more than 300 e-auctions for top-tier companies including Nestlé, Engie, and Sanofi, explained that many organizations have misused auctions as a tool to aggressively reduce prices. “For 30 years, eAuctions have been misused as a tool to aggressively push down prices, often at the cost of long-term supplier relationships. I wanted to reshape the way auctions are used—not as a weapon, but as a structured, ethical, and transparent negotiation tool,” he noted.

The platform enables buyers and suppliers to finalize negotiations in just 20 minutes, providing transparency and reducing the time spent on manual processes.

Ensuring Ethical Auction Practices

To address the risks of price-driven auction misuse, Crown has implemented several key processes to maintain fairness. Buyers invite pre-qualified suppliers, establish clear award criteria, and communicate expectations beforehand. Suppliers are provided with full visibility into bidding rules and ranking in real-time, creating a fair competitive environment.

Additionally, the platform ensures post-auction transparency by generating detailed reports for buyers and feedback for suppliers, fostering trust and long-term collaboration. A Code of Conduct, accepted by both buyers and suppliers before the auction, further reinforces ethical practices.

Targeting Key B2B Sectors

Crown primarily focuses on sectors where supplier negotiations play a critical role, including:

• Manufacturing: Procurement of raw materials, components, and packaging.
• FMCG (Fast-Moving Consumer Goods): Negotiations related to packaging, ingredients, and logistics.
• Pharmaceuticals and Healthcare: Sourcing medical equipment and raw materials.

Since its launch, the company has worked with four clients, successfully routing nearly 50% of their spending through e-auctions. Crown claims to have delivered an average of 9% savings for its clients.

AI-Powered Future for Procurement

Looking ahead, Crown plans to expand its capabilities beyond e-auctions by developing a comprehensive AI-driven procurement suite. The suite will feature AI-powered pre-auction analysis to determine suitable categories, automated auction optimization based on historical data, and post-auction insights to enhance future negotiations.

“While Crown’s focus today is on eAuctions, our long-term vision is to build a full AI-powered procurement suite,” said Voytenko. He added that auctions, when used ethically, can generate balanced outcomes, stating, “We believe auctions are the most powerful negotiation tool when their core purpose is achieving fairness, value, and mutual success.”