Estonian startup for negotiations Pactum AI raised $20M

Estonian startup Pactum AI, which offers an AI-based solution for automated negotiations with suppliers, has raised $20M in Series B. The lead investor was Estonian Karma Ventures. Danish Maersk, Austrian 3VC, England Atomico, German Project A, Estonian Superangel, and Hungarian Portfolion also participated in the deal. Pactum's total investment to date has amounted to $55M.

To support the upcoming new phase of Pactum's activities, current product manager Kaspar Korjus will assume the role of CEO and former CEO Martin Rand will assume the role of President of the company.

Pactum AI offers an artificial intelligence-based solution that allows companies to negotiate massive and low-value agreements more effectively. Since its founding in 2019, the startup has conducted automated personalized conversations for many Fortune 500 companies, including Walmart, Vodafone, and Maersk. The automated conversations are now available in ten languages around the world, with Japanese and Spanish being the fastest-growing languages. Pactum's founders are Martin Rand, Kaspar Korjus, and Kristjan Korjus.

In December 2022, Pactum AI raised $20M from Estonian Metaplanet Holdings and Taavet+Sten as well as 3VC, NordicNinja VC Maersk Growth, Atomico, Project A, and David+Stenbacked.

Founded in 2016 by Kristjan Laanemaa, Margus Uudam, and Tommi Uhari, Karma Ventures is an early-stage venture capital firm that invests in late-seed and A-series European startups. The firm invests up to €5M in the first round and also makes follow-on investments in later rounds.

Founded in 2018 in Tallinn by Veljo Otsason and Rain Rannu, Superangel invests in pre-seed and seed startups from the Baltics and Nordics. The General Partners are Marko Oolo and Mikko Silventola. The fund focuses on deep tech, AI, mobility and logistics, fintech, and SaaS. A typical ticket size is between €300K and €800K.

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