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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

DemandStar Closes 2020 With Record Growth and $3.5B in Contract Value Amidst Pandemic

December 10, 2020 GMT

SEATTLE, Dec. 10, 2020 (GLOBE NEWSWIRE) -- DemandStar, the leading network and virtual marketplace for connecting businesses of all sizes to public sector opportunities, announced today the company’s year-end growth with 100 new government entities and 20,365 new businesses joining DemandStar in 2020.

DemandStar now has over 100,000 active businesses and nearly 600 governments, making it the fastest-growing virtual marketplace serving state and local governments.

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During this historical year of a global pandemic, government agencies had an even greater need for goods and services at a moment’s notice, and they have searched for the best way to move billions of dollars in contract value online. By joining DemandStar, government agencies and businesses have been able to transition business online and find one another safely to create lasting business relationships that result in community growth. These partnerships resulted in tens of thousands of contracts valuing more than $3.5 billion.

“Shutdowns due to COVID-19 have changed the way businesses operate worldwide. We are grateful to be able to help these businesses navigate this new economy by giving them immediate, direct access online to local governments that need help,” said Ben Vaught, CEO of DemandStar. “DemandStar’s online marketplace makes complicated government processes simple, through a modern, seamless service that brings this essential market online. We are committed to helping local communities grow one bid at a time.”

In June, DemandStar secured a $2 million seed round with investments led by Version One Ventures with participation from Advance Venture Partners, and Forefront Venture Partners. Due to work-from-home orders, the deal was closed entirely through virtual communications.

Also in June, DemandStar announced the launch of its new upgraded platform that allows for an even more streamlined experience. The new platform resulted from interviewing hundreds of government buyers and businesses. Key upgrades include custom matching algorithms, tracking dashboards, research tools, audit trials, and free electronic purchasing.

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Now more than ever, online procurement continues to rapidly grow as an emerging marketplace. New government entities to DemandStar are seeing an uptick of three to five times more bids and saving 10-15 percent on deals as compared to current outdated processes.

Government partners and businesses looking to join DemandStar’s e-bidding procurement marketplace can learn more at https://network.demandstar.com/.

ABOUT DEMANDSTAR
DemandStar builds communities by connecting government entities quickly and efficiently with quality suppliers of all sizes. Founded in 1998, they pioneered the online marketplace concept for bidding on government contracts and now serves as the gateway for B2B partnerships between governments and suppliers both locally and nationally throughout the United States. For more information or for government entities and suppliers interested in joining DemandStar’s network, please visit www.demandstar.com or call (206) 940-0305.

Contact: Jamie Andersen
Phone: (949) 502-6200
Email: Jamie@bastionelevate.com