News Announcement: For immediate release
Tussell, a London based tech company with a mission to unlock the potential of government procurement for businesses of all sizes, has completed a £1M seed funding round, which values the company at £5M.
By turning open data into useful data, Tussell increases the visibility of government contracts, and equips businesses with the market insight they need to make informed bidding decisions and spot commercial opportunities within public procurement.
Tussell’s growth trajectory and clear value proposition attracted the eye of investors and its seed funding round was oversubscribed. The company gained support from leading private investors, including cornerstone investor Lord Young of Graffham, former Cabinet Minister and David Cameron’s Enterprise Advisor, who also sits on Tussell’s board. Other investors include Mike Soutar and Tim Ewington, the co-founders of Shortlist Media, Donal Smith, the co-founder of FinTech firm Credit Benchmark, and Duncan Calam, a Partner at Bridgepoint. They all invested in a private capacity.
Tussell was founded in 2015 by Gus Tugendhat, an entrepreneur with 20 years’ experience at the intersection of finance, technology and data. The company is working with a growing rosta of clients including EY, Lloyds bank, Action For Children, Morgan Stanley, Towergate, Bain & Company and the Royal College of Physicians.
Gus Tugendhat, Founder of Tussell said: “Tussell fills a crucial gap in the market, providing context and intelligence on public sector procurement, a marketplace worth £144 billion in 2017, which nevertheless has not been easy to analyse – until now. Deep insight into this huge and influential marketplace is now available to all buyers and suppliers, helping to make public procurement more open and competitive.”
“The UK government’s unparalleled information transparency on procurement has created an environment for businesses like ours to build value-added services on top of open data. This funding round is helping Tussell to consolidate our position as the authoritative source of data on UK public procurement, allowing us to capitalise on the interest generated by our service. We value the backing and support of our investors and are very excited about this next phase of our growth as a business.”
For more information, please contact: Jenny Venables, Seven Hills (on behalf of Tussell)
Tussell uses intelligent data to drive growth, enabling businesses everywhere to reap the benefits of public procurement. By turning open data into useful data, Tussell increases the visibility of government contracts and equips companies with the reliable information they need to make informed contract bidding decisions.
Whether it’s a large or small government supplier, an advisor, investor or business service provider, Tussell’s intelligence allows organisations to discover trends and opportunities in a marketplace worth £144 billion in 2017.