Sacra estimates that Cosuno hit $23.2M in annual recurring revenue (ARR) in August 2026, up from $15.2M at the end of 2025.

Cosuno generates revenue primarily from recurring SaaS subscriptions sold to general contractors, project developers, architects, and other construction-industry customers for procurement, tendering, subcontractor management, and cost-estimation workflows. The company has added subcontractor-facing products, premium functionality, and AI tools that automate tasks such as creating bills of quantities and generating construction pricing, increasing revenue per account.

ARR grew from $4.4M at the end of 2023 to $6.8M at the end of 2024, then accelerated to $15.2M at the end of 2025. The platform serves more than 600 client organizations, processes roughly 4,000 tenders per month, and has accumulated over €100 billion in cumulative offer volume across a network of more than 280,000 qualified subcontractors.

A repricing initiative introduced near the end of 2022 increased average revenue per new customer, while paid subcontractor subscriptions launched in Q4 2023 added a second revenue stream. AI-powered price benchmarking, bill-of-quantities assistants, and tender-quality checks introduced through 2024 and 2025 drove upsells into higher-tier packages and expansion within existing accounts.

Cosuno raised a $30M Series B in February 2022 led by Avenir Growth at a reported $150M valuation. At the time, the company had more than 140 employees and reported processing over $4B in construction volume through the platform.

Before the Series B, Cosuno raised a €12.5M Series A in May 2021 led by Spark Capital, with participation from Cherry Ventures and existing investors. Earlier backers include APIC Investments/SIGNA, PERI, the AUTO1 Group founders, Johannes Reck, Carsten Thoma, and the Sennder founders.

Cosuno has raised approximately $45M in total disclosed funding. No later-stage round has been publicly announced since the February 2022 Series B.

Cosuno is a cloud-based construction procurement platform for tendering work to subcontractors, collecting bids, comparing prices, and managing contracts. Purchasing managers at general contractors or developers use Cosuno in place of emailing spreadsheets and PDFs to dozens of trade firms and manually re-entering responses into Excel.

Users create a project and build or import a bill of quantities, the itemized list of work to be priced, in construction-standard formats such as GAEB. They can assemble bidder lists from their company's private supplier database or search Cosuno's cross-customer network of 280,000+ qualified subcontractors by trade, geography, and qualifications. Users can also publish tenders to an open marketplace where contractors can discover available work.

Invited subcontractors can review documents, ask questions, and submit structured bids in the browser without buying a paid license. Cosuno normalizes incoming bids into a side-by-side, line-item price comparison table and flags missing items, outlier prices, and scope gaps that would otherwise require manual reconciliation.

Cosuno's AI tools assist with drafting and bid evaluation. The AI Agent reviews specifications for errors, explains complex bill-of-quantities language, and summarizes documents. The Price Assistant uses millions of historical tender data points to assess whether a submitted unit price falls within a reasonable market range, while the BoQ Assistant reuses descriptions and pricing from prior projects.

After award, Cosuno covers contract execution, change-order tracking, document storage, certificate management, and project cost analysis, including comparisons of original estimates with awarded values and approved variations. Integrations with SAP, RIB iTWO, NEVARIS Build, and BRZ allow Cosuno to work alongside existing ERP and estimating systems. Enterprise controls include SAML-based SSO through Azure Active Directory, and the platform's infrastructure runs on AWS in Germany.

Cosuno sells capacity- and feature-tiered SaaS subscriptions to construction organizations that procure subcontracted work. Packages range from free entry-level tiers for subcontractors to Bronze, Silver, Gold, and custom enterprise plans. Pricing depends on the number of active projects, users, and premium features available during a billing period, with customers moved to a higher package if they exceed project or user allowances. Cosuno does not publish a price card, but its subscription costs scale with construction activity rather than seat count alone.

General contractors, developers, and architects pay for the product and receive more bids per package, lower manual effort, price benchmarking, and procurement governance. Subcontractors can use the basic tier for free, maintaining marketplace liquidity and bid coverage. Premium subcontractor products priced at roughly €100/month provide a secondary revenue stream while retaining the free tier.

Cosuno's principal costs include engineering, AI infrastructure, AWS hosting, sales, and customer onboarding. Core SaaS functionality has low incremental costs for each additional tender, while ERP integrations, data migration, and workflow redesign make construction customers more implementation-intensive than typical horizontal SaaS buyers. The company remained loss-making in 2024 but cut its net loss by roughly 56% year over year as revenue grew 56%.

The model has two reinforcing loops. Each tender published by a paying buyer brings subcontractors onto the platform, expanding the network available to other buyers. Structured bid submissions add to Cosuno's proprietary pricing and behavioral dataset, which informs AI recommendations and price benchmarks and can increase product engagement and premium-tier upsells. Supplier histories, internal ratings, BoQ templates, and historical price libraries also create data-based switching costs as customers use the platform over time.

Cosuno operates at the intersection of construction-specific tendering tools, broad ERP and estimating incumbents, and horizontal procurement platforms. Competitive pressure comes less from any single rival than from adjacent categories converging on the same procurement workflow.

RIB iTWO is Cosuno's most direct strategic competitor in its home market. RIB already serves as the system of record for estimating, cost control, and project execution at many large DACH contractors, while its TenderConnect module lets users solicit bids from over 170,000 firms without leaving iTWO. Bundling procurement into an existing enterprise deployment, backed by Schneider Electric's balance sheet, can constrain Cosuno's pricing power within iTWO-heavy accounts.

NEVARIS Build covers estimating, tendering, billing, scheduling, BIM, and accounting in a single stack for DACH small and midsize contractors. ORCA AVA has more than 18,000 customers among architects, planners, and public authorities, with a focus on specification authoring and VOB-compliant procurement, but lacks a marketplace-led subcontractor network. CaliforniaX from G&W Software covers cost planning through billing for municipalities and engineering firms. These incumbents compete most directly where procurement centers on specifications and compliance rather than network access, and where buyers prefer existing desktop workflows to subscription software.

Procore bundles contractor discovery, prequalification, BIM, takeoff, estimating, bid management, and automated leveling into a full-lifecycle project and financial management suite. Its Construction Network currently focuses on North America, which limits near-term DACH overlap, but Procore becomes relevant when multinational contractors seek one global platform or procurement teams consolidate vendors.

Autodesk BuildingConnected claims over 1.5 million construction professionals and combines bid solicitation, bid leveling, qualification risk scoring via TradeTapp, and AI-assisted bidder recommendations within Autodesk's broader construction portfolio. Its network liquidity is concentrated in North America, but Autodesk has the resources to localize, acquire a European network, or bundle tendering into enterprise agreements. It can compete with Cosuno through portfolio pricing, BIM integration, and a larger global network rather than feature parity.

ConWize is the closest product-level challenger, combining construction cost estimating with subcontractor bid invitations, line-item comparison, and procurement-to-contract handoff. ConWize is estimating-centric, while Cosuno is network- and sourcing-centric, but both are targeting the same end-to-end preconstruction control point. ConWize raised only $2.8M in seed funding but can pressure Cosuno through focused development and lower operating costs.

Tender X represents an emerging class of AI-native competitors that can draft specifications, publish tenders, collect responses, and score proposals in a self-service, multilingual interface. These entrants lack Cosuno's DACH network density and construction-price corpus but offer faster deployment and agentic document creation. Horizontal procurement platforms such as Zip, Fairmarkit, and Coupa can also absorb parts of the sourcing and RFQ workflow, particularly when the CIO or central procurement office, rather than construction operations, controls the buying decision.

Cosuno's core wedge is construction tendering and subcontractor sourcing, but its product footprint and data assets could extend its addressable market across additional workflows, customer segments, and geographies.

Cosuno already extends beyond bid collection into contracts, change orders, document storage, and project cost analysis. Adjacent workflows include purchase orders, budget commitments, approvals, invoice matching, subcontractor payment status, and final-account reconciliation, extending the platform from source-to-award into the full source-to-pay lifecycle.

Change-order and claims management is one adjacency because Cosuno already holds the original bill of quantities, award prices, and contract documents needed to validate variations against the original scope. Converting this data into structured change requests, approval routing, and budget forecasting could add commercial managers, quantity surveyors, and finance departments to the estimators and buyers using the platform today.

Payment and financing partnerships, including invoice factoring, early-payment programs, and subcontractor credit assessment, could add financial services based on Cosuno's transaction data.

Cosuno currently sells primarily to general contractors and project developers, but its workflow also applies to asset owners, architects, and smaller trade businesses. Repeat developers such as retailers, logistics companies, hotel groups, and data-center operators procure similar work across multiple locations and could use portfolio-wide frameworks, preferred-supplier programs, and cross-project price benchmarking.

The EU construction ecosystem includes more than five million firms, with SMEs accounting for a majority of sector value added. A simplified self-serve package with mobile workflows and accounting integrations could address this fragmented customer base at higher volume.

On the supply side, paid subcontractor tools for automated bid drafting, win-probability analysis, capacity planning, and enhanced marketplace visibility could convert part of the currently subsidized network into paying customers while retaining free basic participation.

Cosuno's strongest network and standards advantages are specific to DACH, but its procurement workflow applies across Europe. Austria and Switzerland have the closest standards and language adjacency, while France, Benelux, the Nordics, and Poland are larger markets that require more localization.

Tender formats, contract practices, tax rules, qualification documents, and ERP ecosystems vary by country, making expansion a localized network launch rather than a translation exercise. Cosuno could use multinational developers and contractors as anchor customers, importing their existing supplier networks into each country before opening a broader marketplace.

Adjacent construction segments, including civil infrastructure, energy retrofits, modular construction, and recurring facilities maintenance, could expand the addressable market without requiring geographic expansion.

Suite compression: RIB, NEVARIS, Autodesk, and Procore can bundle procurement functionality into broader construction operating suites at marginal cost, reducing Cosuno's pricing power and making good-enough procurement a free or discounted add-on for customers already committed to an incumbent platform.

Construction cyclicality: Euro-area building construction declined 6.5% year over year in June 2026, and a prolonged downturn could reduce tender volumes, weaken customer budgets for new software, and impair subcontractor health, compressing both sides of the marketplace even as cost pressure makes procurement automation more valuable to the projects that remain.

Data trust and AI liability: Cosuno's competitive advantage increasingly depends on using commercially sensitive bid prices, cost structures, and supplier relationships to train AI models and generate benchmarks, creating tension between collective intelligence and each customer's need for confidentiality, while incorrect price recommendations or perceived data leakage could reduce the participation required to sustain the feedback loop.