Qogita, a London-based startup looking to make wholesale shopping for SMEs as simple as buying products on Amazon, has secured €80m (£68.6m) in new funding.
Founded in 2021, Qogita was created to address the complexities faced by small and medium ecommerce brands when sourcing wholesale products. This process often involves building relationships with suppliers, negotiating deals and managing complex supply chains.
Qogita claims to solve this with its all-in-one platform for ecommerce businesses, with a particular focus on health and beauty brands.
On the platform, users can select desired products at what Qogita says is the best available price, cutting out the need for comparisons and negotiations. The startup also handles the shipping and delivery.
“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,” said Qogita CEO Manolis Manassakis.
“Qogita was founded with a mission to transform procurement and provide the buying power and privileges of a global chain to every ambitious ecommerce 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.”
The Series B round, which was led by Dawn Capital and featured participation from Accel, Bessemer Venture Partners and LocalGlobe, brings the total amount raised by the company to €119m.
“It is remarkable how complex and completely opaque product procurement still is for small and medium-sized businesses targeting the $6tn ecommerce market,” said Dawn Capital general partner Norman Fiore.
“Qogita has built an all-in-one platform to address the entire wholesale procurement process – from product discovery to price optimisation.”