Qogita, a platform aiming to make wholesale procurement as simple as shopping on Amazon, has raised £69 million.
The London-headquartered company says it is emerging from stealth with the Series B funding led by Dawn Capital.
The round, which included participation from previous investors including Series A lead Accel, and Seed co-leads LocalGlobe and Bessemer Venture Partners, brings the total raised by the company to €119m.
Qogita was founded in 2021 by former Goldman Sachs analyst and associate Yaniv Toledano and Danny Toledano, a former president of oil & gas firm Isramco. Toledano served as CTO and CEO until earlier this year, when he was replaced by Manolis Manassakis, a former director of EMEA operations at Uber, who had joined the firm in 2021.
It was born to help small eCommerce businesses in the health and beauty sector source wholesale products as easily as buying something on Amazon. It connects buyers and sellers with an algorithm-based allocation system which matches buyers’ carts to the optimal mix of sellers.
A buy-now-pay-later feature enables buyers to access credit to pay for large orders upfront to rectify cash flow issues and support business growth.
With buyers across 28 countries including Europe and the UK, and over 300 sellers, Qogita’s team has grown to 75 people with employees in 12 countries.
“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 Manassakis.
“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.”