NEWSROOM
Procurement software start-up Cotiss green–lit with $2.2m investment
27 May 2023
Tender processes are known to be the epitome of bureaucracy – slow and arduous. Start-up Cotiss aims to make the tender process easier with intuitive software designed to make the process more efficient, saving time and money for small to medium sized procurement teams who work in high regulation and compliance industries.
Cotiss has launched with the support of $2.2m investment in a round led by Blackbird Ventures, supported by Icehouse Ventures, Phase One, Co-Ventures and AfterWork Ventures. In its first weeks it has commitments from more than 40 customers including a small bank, a healthcare provider and local and central governments departments in New Zealand and Australia.
Cotiss automates repetitive tasks and has functionality that prevents non-compliance and improves traceability. It was developed in consultation with professionals with lived experience of the tender process to help ensure that pain points were addressed. Whiting estimates that at one point they were making over 250 research calls per week. “Initially, Cotiss set out to help small and medium-sized suppliers access scaling contracts. We even launched a basic version of our product for that purpose. As we dug deeper into the market research, we discovered that there was a bigger need for innovation in supporting the purchasing teams themselves. That’s when the idea for Cotiss really took shape and we pivoted.”
Cotiss was founded by Harry Wilde, Matt Whiting, and Matt O’Halloran. Harry and Matt Whiting met while studying at the University of Auckland, entering a different start-up idea into a Velocity programme challenge run by the Business School’s Centre for Innovation and Entrepreneurship (CIE). Whiting says “Tackling Velocity together not only solidified our friendship but also planted the seeds of our future partnership. What’s interesting is that these roles and strengths we showcased during the Velocity challenge are still very much alive in our roles at Cotiss today. As for Matt O’Halloran, Harry met him in the Kiwi community in Melbourne. It was a serendipitous encounter, and they discovered their shared interest in entrepreneurship. Recognising the potential of our collective skills, experiences, and aspirations, we officially joined forces as the founders of Cotiss.”
The founding team built professional experience working for companies like Kiwi Unicorn Xplor Technologies before delving into the world of start-ups. Whiting says that entrepreneurship has been a calling. “I’ve always had a deep desire to build things, to create something that can make a difference. The idea of starting a venture from the ground up and seeing it grow into a successful business is incredibly fulfilling. As an entrepreneur, I have the freedom to pursue my own ideas and turn them into reality. I’m not limited by the constraints of someone else’s vision or goals.”
Whiting says that the most important lesson so far in running a start-up has been perseverance. “It requires consistent effort, resilience, and the determination to keep pushing forward, even when things get tough. We’ve realised that success in entrepreneurship isn’t about avoiding failure entirely, but rather learning from it, adapting, and moving forward. This realisation has given us the confidence to face the challenges and uncertainties that come with entrepreneurship head-on.”
Cotiss has already made a signature hire – John Gregoriadis, the ex-head of engineering at Xero. Before that, Gregoriadis was lead engineer at Vend, the Auckland point-of-sale software firm sold to Toronto-listed Lightspeed for $455m in 2021.
The aim now is to fill out the engineering team on the back of Gregoriadis, and triple staff numbers (currently eleven) over the next 18 months.
Whiting says “We’re committed to enhancing and fine-tuning our product. We believe in continually improving its features and functionality to offer the best solution possible for our customers. We’re also actively engaged in acquiring and onboarding customers across Australia and New Zealand and exploring early use-cases and expansion opportunities in North America and Europe. We see the potential for our solution to address procurement challenges on a global scale.”
27 May 2023
Tender processes are known to be the epitome of bureaucracy – slow and arduous. Start-up Cotiss aims to make the tender process easier with intuitive software designed to make the process more efficient, saving time and money for small to medium sized procurement teams who work in high regulation and compliance industries.
Cotiss has launched with the support of $2.2m investment in a round led by Blackbird Ventures, supported by Icehouse Ventures, Phase One, Co-Ventures and AfterWork Ventures. In its first weeks it has commitments from more than 40 customers including a small bank, a healthcare provider and local and central governments departments in New Zealand and Australia.
Cotiss automates repetitive tasks and has functionality that prevents non-compliance and improves traceability. It was developed in consultation with professionals with lived experience of the tender process to help ensure that pain points were addressed. Whiting estimates that at one point they were making over 250 research calls per week. “Initially, Cotiss set out to help small and medium-sized suppliers access scaling contracts. We even launched a basic version of our product for that purpose. As we dug deeper into the market research, we discovered that there was a bigger need for innovation in supporting the purchasing teams themselves. That’s when the idea for Cotiss really took shape and we pivoted.”
Cotiss was founded by Harry Wilde, Matt Whiting, and Matt O’Halloran. Harry and Matt Whiting met while studying at the University of Auckland, entering a different start-up idea into a Velocity programme challenge run by the Business School’s Centre for Innovation and Entrepreneurship (CIE). Whiting says “Tackling Velocity together not only solidified our friendship but also planted the seeds of our future partnership. What’s interesting is that these roles and strengths we showcased during the Velocity challenge are still very much alive in our roles at Cotiss today. As for Matt O’Halloran, Harry met him in the Kiwi community in Melbourne. It was a serendipitous encounter, and they discovered their shared interest in entrepreneurship. Recognising the potential of our collective skills, experiences, and aspirations, we officially joined forces as the founders of Cotiss.”
The founding team built professional experience working for companies like Kiwi Unicorn Xplor Technologies before delving into the world of start-ups. Whiting says that entrepreneurship has been a calling. “I’ve always had a deep desire to build things, to create something that can make a difference. The idea of starting a venture from the ground up and seeing it grow into a successful business is incredibly fulfilling. As an entrepreneur, I have the freedom to pursue my own ideas and turn them into reality. I’m not limited by the constraints of someone else’s vision or goals.”
Whiting says that the most important lesson so far in running a start-up has been perseverance. “It requires consistent effort, resilience, and the determination to keep pushing forward, even when things get tough. We’ve realised that success in entrepreneurship isn’t about avoiding failure entirely, but rather learning from it, adapting, and moving forward. This realisation has given us the confidence to face the challenges and uncertainties that come with entrepreneurship head-on.”
Cotiss has already made a signature hire – John Gregoriadis, the ex-head of engineering at Xero. Before that, Gregoriadis was lead engineer at Vend, the Auckland point-of-sale software firm sold to Toronto-listed Lightspeed for $455m in 2021.
The aim now is to fill out the engineering team on the back of Gregoriadis, and triple staff numbers (currently eleven) over the next 18 months.
Whiting says “We’re committed to enhancing and fine-tuning our product. We believe in continually improving its features and functionality to offer the best solution possible for our customers. We’re also actively engaged in acquiring and onboarding customers across Australia and New Zealand and exploring early use-cases and expansion opportunities in North America and Europe. We see the potential for our solution to address procurement challenges on a global scale.”
EMAIL
CIE@AUCKLAND.AC.NZ
POSTAL ADDRESS
THE UNIVERSITY OF AUCKLAND BUSINESS SCHOOL
PRIVATE BAG 92019, AUCKLAND
