International wellness marketplace, ClassPass, recently announced the close of a USD$285 million Series E investment, led by L Catterton, Apax Digital and participated by existing investor Temasek. Now operating in 28 countries, ClassPass offers a monthly membership to boutique studios, gyms and wellness providers globally, including multiple locations in major Australian cities. The company joins the Read More…
Brisbane bid management platform scores global contracts
The Bidhive team
Mon 9 December 2019 - 7:45 amStartup
Brisbane-based bid management service Bidhive has joined the global competition for tenders, obtaining contracts with various prominent public goods and services companies all over the world.
Early adopters of Bidhive’s platform include Waste Management US, Independent Clinical Services UK, and the decommissioning unit of the Danish logistics conglomerate Maersk.
Bidhive started out as two separate teams (Carisma and Bidhive) that merged after meeting through the BNE 3 River City Labs Accelerator program in 2017. Both teams had the mission to create technologically mature products that are market-ready.
This was made possible by their complementary skills; while Carisma had a brilliant product team, Bidhive had market validation and a user pilot waiting list.
From the very beginning, Bidhive has adopted an international vision with their specialisation in bidding and rendering: representing 12 percent of global GDP, public goods and services is one of the biggest sectors of the global economy.
Their efforts have led to fruitful results, as several international brands have recently contacted the Queensland startup to improve their bid management framework.
The CEO and co-founder of Bidhive, Nyree McKenzie, was inspired to create the platform in order to navigate companies through the complex and often high value contract process, and reduce barriers in the world of bidding and tenders that prevent companies on different scales to compete equally.
“Competitive tendering and bidding is a multi-trillion-dollar industry that crosses every sector, and virtually every service type; each year there are more than 18.5 million public bids released globally,” she said.
“Our mission is to eradicate inefficient manual processes and break down siloed data walls by helping organisations drastically increase their competitive-edge by allowing them to focus on strategy and client outcome.”
Bidhive helps companies plan, manage and track all of their bid activity in one place. The end-to-end platform follows the key stages of the bid lifecycle.
With businesses spending up to 2% of the total contract value on the bidding procedures only, Nyree believes that the cost of non-compliance can be detrimental.
“Companies depend on successful bid management for survival and there is no prize for second place in the bidding industry,” she said.
“The cost of non-compliance is not just a waste of time and resources for businesses; it sends a ripple effect right along the supply chain and deep into the economy, with delays to the evaluation process, as well as to technical assessment of contractors, to contract award, and project commencement.”
Bidhive is a two-time recipient of the Advance Queensland Ignite Ideas grant. Nyree was also announced as the AWS Founder of the Year at the 2019 Women in Digital International Awards.
Speaking about the future of Bidhive, Nyree suggests that the company is looking to develop a more comprehensive service system of public procurement.
“Bidhive is working to transform our core product into a platform, around which an ‘ecosystem’ of complementary products and services will arise including, bringing all stakeholders along the supply chain together in a hyper-connected platform enabled by machine learning and other AI technologies.”
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