Today wholesale procurement platform Qogita is emerging from stealth and announcing it has raised €80 million in Series B funding led by Dawn Capital, bringing the company's funds raised to €119 million
Qogita was born from the realisation of the complexities of sourcing wholesale products as a small e-commerce business.
The all-in-one wholesale e-commerce platform connects buyers and sellers, focusing on the health and beauty sector, and optimises procurement, making it as simple as buying products at Amazon.
Buyers, usually small and medium-sized retailers, select their desired items, choosing from popular brands, whilst Qogita finds the best available prices for each product, removing the need to compare deals and negotiate with different sellers.
All customers need to do is check out and use the platform to keep track of orders, with Qogita taking care of the whole purchase, including shipping and delivery.
Qogita’s algorithm-based allocation system matches buyers’ carts to the optimal mix of sellers, which is impossible to replicate manually, in terms of cost-savings, quality and speed of delivery. This is because, for the very same order, the optimal mix of sellers is different every minute, as prices, quantities and other parameters constantly change.
With buyers across 28 countries, including Europe and the UK, and over 300 sellers, the team has grown to 75 people with employees in 12 countries.
Manolis Manassakis, CEO at Qogita, said:
“In an era when everyone is used to ordering goods and services from a meal to a car ride at the push of a button, it is unacceptable how difficult wholesale buying can be for small and medium-sized businesses.
Qogita was founded with a mission to transform procurement and provide the buying power and privileges of a global chain to every ambitious e-commerce platform or mid-sized store.
Over the past two years, we’ve been quietly building in service of our buyer and seller customers, and have made great strides so far, but there is of course, still more work to be done. We’re delighted to be working with an elite group of visionary investors to revolutionise wholesale procurement.”
The round included participation from previous investors including Series A lead Accel, and Seed co-leads LocalGlobe and Bessemer Venture Partners.
Norman Fiore, General Partner at Dawn Capital, said:
“It is remarkable how complex and completely opaque product procurement still is for small and medium-sized businesses targeting the $6 trillion e-commerce market.
Qogita has built an all-in-one platform to address the entire wholesale procurement process - from product discovery to price optimisation - and we’re excited to see them power a future generation of e-commerce and retail businesses bringing innovation and choice to the consumer.”
The funding will be used to invest in product development and category expansion.
Lead image: Qogita. Photo: uncredited.
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