Crown raises €2M to transform procurement through innovative electornic auctions

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. This investment marks a key milestone in Crown’s ambition to transform the procurement sector.

Transforming Procurement with eAuctions

Procurement represents up to 60% of an industrial company’s revenue, 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, enabling suppliers and buyers to finalise negotiations in just 20 minutes via Crown’s platform. Crown streamlines procurement with cutting-edge technology and a proven methodology, delivering consistent results.

The Vision Behind Crown

Crown’s founder, Mykyta Voytenko, is a seasoned industry expert with 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.

He also teaches procurement at KEDGE Business School’s MAI (Master in International Purchasing), one of Europe’s leading programmes in this field.

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.

– Mykyta Voytenko, Founder & CEO of Crown

Over the past five years, Mykyta developed and successfully implemented a proprietary eAuction methodology in Tier 1 FMCG (Fast-Moving Consumer Goods) companies, driving tangible results.

After training over 2,500 procurement professionals, who repeatedly emphasised the need for modern, technology-led tools to replace outdated methods, he recognised a clear gap in the industry—Crown was born to fulfil it.

ZAS Ventures – Ukrainian investors creating a bridge between France and Ukraine.

Crown is a great example of how founders from Ukraine can build globally competitive companies in Europe. Procurement is complex, and Crown’s negotiation-first approach brings much-needed efficient and transparency. Mykyta’s expertise and execution make this a company to watch.

– Andrew Zinchuk, Managing Partner at ZAS Ventures.

Creating a New Category: Autonomous Negotiations

Crown is pioneering a new category in procurement technology, positioning negotiation as the centrepiece of the procurement process. Today, the procurement landscape remains outdated, reliant on tools and methods that have seen little innovation over the past 20 years. Procurement professionals often rely on basic tools like Excel and Outlook, which fail to address their primary objective: achieving measurable savings.

Crown aims to bridge this gap by introducing effective, user-friendly technology that empowers procurement teams. Through eAuctions, Crown consistently delivers incremental savings, enabling buyers and suppliers to negotiate more efficiently.

Impressive Early Results

In less than one year since its 2024 inception, Crown has outpaced traditional auction systems and achieved significant milestones:

• Implemented eAuction programmes with four clients, enabling them to direct nearly 50% of their spending through eAuctions.
• Organised dozens of eAuctions involving hundreds of suppliers.
• Delivered 9% average savings for its clients.

Crown’s Mission: Innovation with Purpose

Born in Kyiv, Ukraine, and now based in Paris, Mykyta maintains strong ties to his homeland. His vision to build a company with a global impact is more than just business—it’s a way to bridge the gap between Ukraine and the world. Rooted in diversity and resilience, Crown reflects this mission, with 50% of its team proudly coming from Ukraine.

While eAuctions are Crown’s first step, the company’s mission is to build a full AI-powered procurement suite, transforming how businesses achieve efficiency, transparency, and results in their negotiations.

Crown aims to build an international leader in procurement while sharing its success with employees. By combining innovation, purpose, and expertise, Crown is paving the way for a modern era of procurement.