London-based startup Qogita has reportedly secured 80 million euros ($87.3 million) in a Series B round for its wholesale procurement platform for small- to medium-sized businesses (SMBs).
The platform is designed to help retailers source products reliably and at competitive wholesale prices, leveling the playing field for smaller retailers in today’s challenging economy, Tech Funding News reported Friday (Dec. 15).
Qogita did not immediately reply to PYMNTS’ request for comment.
The startup will invest the new funding in product development and expanding its product categories, according to the report.
Qogita is aiming to ease the complex and time-consuming process that small retailers face when sourcing products at wholesale prices, the report said. Its platform serves as a one-stop shop, offering branded products at competitive prices, and its user-friendly interface and automated processes make wholesale procurement straightforward, per the report.
“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 [SMBs],” Qogita CEO Manolis Manassakis, said in the report.
Qogita connects buyers with sellers, primarily in the health and beauty sector, the report said, eliminating the need for customers to compare deals or negotiate with multiple sellers. The platform’s algorithm-based allocation system matches buyers’ shopping carts with the most optimal mix of sellers, ensuring cost efficiency, quality and expedited delivery.
The platform aims to empower SMBs by providing access to products and prices typically reserved for larger enterprises, per the report. Qogita offers a wide range of products and eliminates listing and selling fees, enhancing the competitiveness of these businesses.
Additionally, Qogita’s buy now, pay later (BNPL) feature assists buyers in managing large upfront payments, according to the report.
Since its establishment in 2021, Qogita has rapidly expanded its presence across Europe, the United Kingdom and the United States. Today, its platform has over 300 sellers and more than 10,000 buyers.
Modern B2B marketplace platforms are helping reshape how organizations operate and scale, PYMNTS reported in April. At the same time, digital capabilities are transforming the ways in which buyers and sellers interact.
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