Estonian Pactum raised $20M

Estonian startup Pactum, offering an AI-based solution for automated running negotiations with suppliers, has attracted $20M. Estonian Metaplanet Holdings, founded by Jaan Tallinn (co-founder of Skype) and Taavet+Sten (the investment firm of a co-founder of Wise Taavet Hinrikus and Teleport founder Sten Tamkivi) took part in the deal.

The lead investor of the round was the Austrian company 3VC. Finnish NordicNinja VC and Danish container logistics company Maersk Growth also joined the round. Also, several investors from previous rounds (British international investment firm Atomico, German Project A, and David+Stenbacked) participated in this funding. In total, Pactum has raised $35M.

The capital will be used to expand growth in the United States and Europe and increase its capabilities in logistics, supplier contract terms negotiations, and retail product price negotiations. Maersk Growth had previously introduced Pactum's automated negotiation service to enable the procurement division to negotiate freight rates faster.

The startup offers an artificial intelligence-based solution that allows companies to negotiate massive and low-value agreements more effectively. Founded in 2019, Pactum has offices in Mountain View (California) and Estonia. Engineering and operations departments are located in Estonia.