Qogita, a London-based platform that simplifies wholesale procurement, has raised £69 million in a Series B funding round led by Dawn Capital and including previous investors such as Accel, LocalGlobe, and Bessemer Venture Partners. The total amount raised by the company now stands at €119m. Qogita, which was founded in 2021 by Yaniv Toledano and Danny Toledano, aims to help small eCommerce businesses in the health and beauty sector access wholesale products as easily as shopping on Amazon. The platform connects buyers and sellers through an algorithm-based allocation system that matches buyers’ carts to the optimal mix of sellers.
The company’s team has grown to 75 people with employees in 12 countries and buyers across 28 countries in Europe and the UK. The platform offers a buy-now-pay-later feature for buyers who need credit to pay for large orders upfront to resolve cash flow issues and support business growth.
Manolis Manassakis, the former director of EMEA operations at Uber who joined Qogita in 2021 and is now its CEO, expressed the need for transforming procurement and providing 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,” he said. “We’re delighted to be working with an elite group of visionary investors to revolutionise wholesale procurement.”
Qogita’s funding round highlights the growing interest in retail and investment. This is exemplified by other recent funding stories such as ClearBank, which has attracted a former executive from Starling and Barclays, and FinTech Meniga, which has raised £13m for its new strategy.