We are excited to lead Tendl's recent funding round, partnering with the team to revolutionise the tendering process through AI-powered technology. Based in Queensland, Tendl is making tendering more accessible and efficient for companies selling to governments and large enterprises, helping them increase revenue through better opportunity discovery and response management.

Markets with tailwinds

The tendering market represents a massive opportunity, with critical market dynamics creating perfect conditions for technological disruption:

• Global government procurement market worth $10 trillion in annual spending
• Government procurement reached $99B in Australia last year
• Up to 13% of OECD GDP flows through tender processes
• Suppliers spend up to 30% of revenue on tendering processes with no guarantee of success
• Traditional high barriers to entry requiring specialised teams and significant time investment
• Growing sovereign debt pushing increased reliance on competitive bidding
• Post-DOGE environment driving renewed focus on cost-effective procurement

The timing for Tendl's solution is particularly compelling as generative AI reaches maturity. Recent developments have shown what can be achieved with modest budgets and smaller, more efficient teams. While previous tools focused mainly on collaboration and information gathering, AI enables a fundamental reimagining of the entire workflow, coinciding with government initiatives seeking greater efficiency in procurement processes.

Products that change the game

Tendl's AI-powered platform stands out through several innovative features that fundamentally transform how companies approach tenders:

• Intelligent opportunity discovery through integrations with over 600 tender portals
• Automated analysis and matching of opportunities to company capabilities
• Smart pre-filling systems that pull relevant information from existing documents
• Deep CRM integrations for tracking progress and improving future bids
• Complete workflow automation powered by AI

The platform delivers concrete benefits across three key areas:

1. Discovery: Makes tender identification user-friendly and 50% faster
2. Analysis: AI agents instantly evaluate fit and requirements
3. Response: Transforms days-long processes into sub-hour workflows, saving tens of thousands annually

Founders that hustle

Founder Laurie Nicol brings a unique combination of engineering, economics, and entrepreneurial experience to Tendl. As a second-time founder who previously built and sold a company working with government data, Laurie deeply understands both the technical and commercial aspects of the problem space.

What impressed us most was Laurie's customer-centric approach and ability to execute with precision. The combination of technical acumen and commercial awareness positions him perfectly to tackle the complex challenges in the tendering space. His vision for leveraging AI technology to deliver powerful solutions without massive infrastructure investments demonstrates the kind of innovative thinking needed in this sector.

A compelling business model

Tendl employs a hybrid pricing model combining platform fees with usage-based pricing, tied to tender volume. This allows them to:

• Scale revenue naturally with customer usage
• Capture value proportional to delivered benefits
• Build strong customer stickiness through integration
• Create potential for success-based pricing as the platform matures
• Reduce at-risk costs for suppliers across the entire market

The platform's positioning as the primary source of tendering data opens opportunities to capture value from the trillion-dollar tendering market through success-based pricing models. By reducing the cost across the whole market and minimising at-risk costs for suppliers, Tendl is creating value at both individual and systemic levels.

Global appeal

Tendl's solution addresses a universal challenge in government and enterprise procurement. While starting with a strong foundation in Australia, the platform's capabilities are readily applicable to similar procurement environments globally. The administrative burden in tendering is a worldwide challenge, presenting significant opportunities for international expansion.

Their AI-first approach to automation and tendering positions them well for scaling across different regulatory frameworks and jurisdictions. By building a solid foundation in Australia's procurement environment, they're developing capabilities that will translate effectively to other markets.

The Seed phase and beyond

Tendl has shown early validation and clear product-market fit signals. The allocated funds will primarily fuel the development of an exceptional team, enabling them to bring their visionary product to life. With a focus on building out robust technical capabilities and conducting strategic market research in the US, Tendl is well-positioned to capitalise on the growing demand for intelligent tendering solutions.

From day one, Laurie's unwavering focus has been on establishing Tendl as the backbone of tender operations not just in Australia but on a global scale, and we wholeheartedly support this mission. We look forward to continuing to support the Tendl team as they set out to transform how companies approach and win tenders.

If you’re a visionary founder ready to make waves, please reach out via our website.