Thought waves on seed venture

Tendl, the startup transforming how businesses respond to government tenders, has secured pre-seed funding led by Tidal Ventures. The investment marks a significant milestone in modernising what has traditionally been an unsexy, time-consuming sector ripe for innovation.

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.

Cutting my teeth in transactional law

The first eight years of my career were in corporate law, where I found my niche in M&A and investments. I’m a bit of an adrenaline junkie, so I thrived in the fast-paced and high-risk nature of transactional work. What energised me most was the diverse range of activities in a single day. In the morning, I’d help a client with their ESOP, then find myself drafting a SAFE for another client before jumping into an acquisition negotiation in the afternoon.

Amidst all that excitement, what truly made me tick was the opportunity to form deep relationships with founders during pivotal moments in their lives. However, the transient nature of transactional law was a challenge; after closing a deal, you’d swiftly move on to the next one. This constant shift had me wishing for a more lasting connection, a desire to continue the journey with the folks who I had become so close to. That was my primary motivator to jump out of law into the world of tech (that said, I can still get pretty nerdy about deal structuring and will always appreciate a well-drafted Russian roulette provision 😉).

Seeing technology M&A through to success

Following law, I found myself in the M&A team at Atlassian. M&A gets a pretty bad wrap; reports indicate that 70% and 90% of all deals are deemed “failures,” marked by management dropouts, insufficient value realisation, or even complete divestitures a few years later. I’ve long believed that the lion’s share of these failures can be attributed to a lack of emphasis on the people part of these transactions.

My role at Atlassian was focused on addressing the people experience within transactions. At the outset of each deal, we delved into understanding founder motivations and aspirations, aiming to decipher how they could thrive within the Atlassian environment post-deal. On the backend, we’d act as a founder’s “chief of staff”, helping them integrate into Atlassian’s culture and ways of working and ensuring their teams were set up for success in their new home.

Becoming the G&A whisperer

Though the structure of tech companies varies, I generally categorise them into three distinct organisational units: Governance and Administration (G&A), Research and Development (R&D), and Go-To-Market (GTM).

G&A typically encompasses what some might call the “unsexy” or boring work like people, legal, and financial. But it’s exactly where I like to play (hear me out). In my view, robust G&A is the linchpin that distinguishes a good company from a truly great one. The foundational work of implementing effective governance structures, enhancing productivity, spearheading people programs, and aligning company goals and OKRs serves as the bedrock for scaling companies. These elements empower R&D and GTM teams to do their best work.

At Tidal, where we focus on Seed Phase investments, we seek founders who are already displaying early signs of product-market fit and witnessing the beginnings of a repeatable GTM motion. What they need are the right foundations to supercharge those motions and achieve MMF (model market fit). And that’s precisely where my expertise comes into play!

I get to engage with incredible founders every day, from seed to exit and beyond, while also leveraging my legal, people, and project management skills to provide invaluable support. Whether it’s offering governance insights at the board level, negotiating deal terms, or contributing to workforce planning and people systems, I am deeply passionate about making a meaningful impact.

Pioneering the future of work

Driven by my passion for people programs, productivity, and governance, it should come as no surprise that I have a keen interest in investing in the future of work. I’m convinced that the trajectory of AI will be a game-changer in reshaping the way we work, allowing us to focus on the parts of our roles that actually require deep thinking and genuine human involvement. Rather than machines assisting humans, I expect we’ll see a paradigm shift towards humans assisting machines. Against the backdrop of the slowest productivity growth in 60 years and the unprecedented rate of AI adoption, it looks like a thrilling window of opportunity is emerging for new players to join the race.

With my unique cross-section of legal, governance, and people programs expertise, I’m well-positioned to identify and advocate for companies at the forefront of this transformative wave.

Get ready for my first question

Tell me about you and the journey that got you to this moment.

When I come across a prospective investment, my first question is simple: “Tell me about you and the journey that got you to this moment.” People are at the core of what I do, and starting with the founder’s journey helps create a relaxed atmosphere for a more fruitful conversation.

If you’re a visionary founder ready to make waves, please hit me up. Let’s chat about your market-shaking, ambitious product that’s changing the world. I’m all ears and excited to explore the possibilities with you! 🚀