The procurement software market is growing rapidly, with a projected 14% compound annual growth rate in e-sourcing platform spending by 2025. Embracing this trend is Paris-based Crown, a company transforming procurement negotiations with its innovative electronic auction (eAuction) technology.
The company has secured a €2M investment in a pre-seed round led by Heartfelt, with the participation of Kima Ventures (a previous investor in BeReal), Backbone Ventures, Another.vc, Apok Invest, ZAS Ventures, and Prequel VC. Crown didn’t disclose how the funds will be used.
How Crown streamlines procurement with next-gen eAuction technology
Founded by Mykyta Voytenko in 2024 in Paris, Crown modernises procurement with user-friendly technology that empowers procurement teams. Voytenko told TFN: “eAuctions have been around for nearly 30 years, but they’ve been misused — primarily as blunt tools to cut prices rather than as structured negotiation enablers. Most procurement software is designed for spend tracking and supplier management—not negotiation. Crown fixes that. We make negotiation the centrepiece of procurement, ensuring companies maximise competition, transparency, and value.”
Procurement can represent up to 60% of an industrial company’s turnover, making it a crucial lever for cost reduction and profit generation. Negotiation is a central part of procurement and directly impacts savings and profitability. Electronic auctions streamline this process, allowing suppliers and buyers to complete negotiations in just 20 minutes through Crown’s platform.
Since its launch in 2024, Crown has made significant strides in the procurement industry. The company has surpassed traditional auction systems with notable achievements, including implementing eAuction programs with four clients, routing nearly 50% of their spending through eAuctions, organising dozens of auctions with hundreds of suppliers, and delivering an average savings of 9% for clients.
Behind Crown: Redefining the eAuction technology with AI
While eAuctions mark Crown’s initial focus, the company aims to develop a comprehensive AI-powered procurement suite that transforms business negotiations through enhanced efficiency, transparency, and results. According to a recent study, 90% of procurement leaders plan to adopt AI agents by 2025 to optimise operations. This transition to AI-driven decision-making in procurement will accelerate, with AI supporting spend analysis, supplier selection, and savings identification.
Traditional procurement platforms like SAP Ariba, Jaggaer, and Coupa focus on spending and supplier management, treating negotiation as secondary. Their auction modules exist but remain outdated, inflexible, and underused. While some firms offer eAuction services, they lack scalability and depend heavily on manual processes. Crown takes a different approach, combining software scalability with deep negotiation expertise.
Voytenko shared: “We deliver a structured methodology that enables companies to consistently route 50% + of their spend through eAuctions while unlocking an average of 6-9% incremental savings. Crown is also a third party—no complex integration needed—and acts as a key, fair partner to buyers and suppliers.”
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 new era in procurement.
eAuctions and AI to drive the procurement industry in 2025
Looking ahead, the integration of AI in procurement is expected to extend beyond eAuctions. Predictions for 2025 include AI-driven automation for tasks throughout the procurement lifecycle, from demand forecasting to contract management.
Mathias Bosse, Founding Partner at Prequel VC, said: “eAuctions is a compelling yet underutilised way of achieving significant savings in procurement compared to traditional negotiation tactics. However, procurement software often isn’t built to enable smooth auctions, turning a smart negotiation strategy into a painful experience for both buyers and vendors.”
Dr Marcell Vollmer, former COO of SAP Ariba, added: “With years of experience in digital procurement transformation, I’ve seen technology optimise operations, but negotiations remain a gap. Crown is closing this gap with transparent, data-driven eAuctions that drive real market pricing and efficiency. This funding will accelerate their impact.”
Voytenko concluded: “But the future won’t stop at auctions alone. We see AI becoming an integral part of the broader procurement cycle: The future of procurement is AI-driven strategy and eAuction-powered execution. AI will play a critical role in category management, supplier segmentation, and identifying savings opportunities — laying the groundwork for more structured, data-backed negotiations.”
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