London-based Qogita, a platform simplifying wholesale procurement like Amazon, has emerged from stealth and secured €80M in a Series B round of funding.
The startup claims to be a one-stop shop for streamlining product procurement without the necessity of negotiating with suppliers or managing complex supply chain processes. This funding will support Qogita’s product development and category expansion.
Investors supporting Qogita
The investment was led by Dawn Capital. Existing investors, including Accel, LocalGlobe, and Bessemer Venture Partners, also participated, bringing the total funds raised by the company to €119M.
Norman Fiore, General Partner at Dawn Capital says, “It is remarkable how complex and completely opaque product procurement still is for small and medium-sized businesses targeting the $6T 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.”
George Henry, General Partner at LocalGlobe adds, “The magic of Qogita lies in their unique combination of their search algorithm on top of the marketplace building the most optimal cart for every order, allowing them to provide the only solution that truly works for buyers and sellers.”
A global wholesale B2B platform
Founded in 2021 by Danny Toledano and Yaniv Toledano, Qogita addresses the challenges faced by small e-commerce businesses in sourcing wholesale products.
Recognising the time-consuming nature of building supplier relationships and navigating supply chain complexities, Qogita offers an all-in-one wholesale e-commerce platform. Specialising in the health and beauty sector, the platform simplifies procurement for small and medium-sized retailers.
CEO Manassakis says, “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.”
Buyers choose from a selection of popular brands, and Qogita’s algorithm-based system finds the best prices, streamlining the purchasing process akin to Amazon.
The platform manages the entire purchase, including shipping and delivery, allowing retailers to focus on store development. Qogita’s allocation logic optimally matches buyers’ carts with sellers, ensuring cost-savings, quality, and speedy delivery.
With over 10,000 buyers and 300 sellers across Europe, the UK, and the US, Qogita claims to have become the world’s largest digital wholesale platform.
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