Lithuanian startup Eany.io secures €2M to empower retail businesses

Lithuania-based Eany.io, a startup developing a B2B platform for trading electronics, household, and DIY goods, announced on Tuesday, August 13, that it has secured €2M in seed funding from Market One Capital from Poland and Practica Capital from Lithuania.

The company will use the funds to accelerate and optimise business processes and prepare for its expected growth. 

“There are only a handful of platforms of this type in Europe, and there have never been any in the electronics, home, and DIY segment. Therefore, the investment will allow us to accelerate and optimise our business processes and prepare for the expected growth”, says Mindaugas Apanavičius, co-founder and CEO of Eany.io.

Eany.io: Revolutionising B2B wholesale

Founded by Mindaugas Apanavičius, Artūras Petkauskas, and Kęstutis Ramoskevičius, Eany.io is a B2B commerce platform developed by Lithuanian startup 1ean, UAB which connects buyers and suppliers of different products and operators.

Eany.io collects stock data from manufacturers, distributors, and physical stores.

The collected data is aggregated on the platform, and the specific information is made available to buyers, through physical, and online stores.

“We see that the big B2B platforms, the “unicorns” like Ankorstore and Faire, prioritise working with small producers, while our idea is to allow retailers to sell A-brands by themselves. Having A-brands in the range makes us interesting to a wider range of customers, and smaller producers will be presented with A-brands as an option. Customers who choose the big brands are much more loyal to their suppliers, but they are also more demanding in terms of pricing,” explains Mr Apanavičius.

Through this platform, the company aims to address the inefficiencies of traditional B2B trade by giving customers a centralised place to shop, simplifying transactions, and providing wider access to products for businesses across Europe.

“We help suppliers not only to manage their warehouses more smoothly but also to enter new markets. European suppliers – manufacturers and retailers – are added to the database by submitting product lists in different, easy-to-integrate forms. In this database, the product lists are aggregated, analysed, and given to retail customers via API, while suppliers are provided with feedback on their assortment,” says Mr. Apanavičius.

As per the company’s claims, more than 200 suppliers are using the platform to submit their data.

“This year alone, we have helped suppliers to generate more than €9M in orders: this is not the only proof that the concept we are developing is interesting to customers, but also demonstrates its real benefits. The product manufacturers we work with also benefit – in exchange for the data, we help them do all the hard work: coordinating logistics, managing customers’ trade credits, etc,” says Mr Apanavičius, co-founder and CEO of Eany.io.

The investors

Practica Capital is an early-stage VC in the Baltics. The fund has invested in Lithuanian startups such as Ovoko, Eneba, and Billo, all developing globally renowned trading platforms.

“We are excited to take part in the effort to reduce clutter and distance between brands and consumers. There are still vast structural inefficiencies in access, logistics, and warehousing, often exploited by incumbent middlemen. We believe that Eany’s founding team’s domain expertise and technical prowess form a winning combination to build a differentiated B2B marketplace to capture immense value,” says Arvydas Bložė, Partner at Practica Capital.

Market One Capital is an early-stage VC firm that invests in infrastructure software, vertical SaaS, and other tech with network effects across Europe.

“We believe that in the long term, each business category will have its marketplace to facilitate all its needs: transactions, sales, logistics, payments etc. This will transform many industries as we know them today. That’s why we decided to back the founders of Eany, supporting them in digitizing a huge, highly fragmented, and still mostly offline industry,” says Marcin Kurek, Managing Partner of Market One Capital Fund.