Overview
Cotiss is building the “network of bits that move the world’s atoms”. The company aims to become the dominant provider of procurement software for mid-market companies, focused on capital-intensive businesses with large procurement budgets as a percentage of their revenues. Procurement software for capital-intensive industries has historically been underpenetrated, in particular for companies below the Fortune 1000. While new entrants focus on opex spending for new economy companies, enterprises in traditional industries such as construction, transportation, government, and manufacturing have been overlooked by software providers, due to their more complex procurement processes. These companies have unique needs and pain points, in particular in procurement planning, sourcing and evaluation, and contract and risk management, which is why we backed Cotiss.