Qogita, a wholesale procurement platform based in London, has secured €80 million in funding during its Series B round. Dawn Capital led this round, increasing the total amount of money raised by the company to €119 million.
The funds will go towards growing the category and developing new products. When a tiny e-commerce company realised how hard it was to source wholesale goods, Qogita was formed. With an emphasis on the health and beauty industry, the all-in-one wholesale e-commerce platform streamlines procurement and makes it as easy as buying products from Amazon.
In terms of cost savings, quality, and delivery time, Qogita’s algorithm-based allocation method matches buyers’ carts to the ideal pair of sellers—a match that is impossible to achieve manually.
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.”
Participating in the round were prior investors Accel, the lead for Series A, and LocalGlobe and Bessemer Venture Partners, the leads for Seed.
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.”
Leading international wholesale B2B marketplace Qogita offers a huge range of goods, brands, and categories from different countries. They provide services to a wide spectrum of businesses, including big brands and tiny merchants.
By utilising Qogita’s technological infrastructure, you may increase turnover and profit margins while lowering labour costs. They are a technology startup that streamlines trading between businesses.