Ecommerce compliance solution Eurora raises 2.5 million euros
Eurora, which offers compliance solutions for cross-border ecommerce companies, has raised 3 million dollars (2.54 million euros). With the money, the Estonian company wants to bring its tool to a million Chinese merchants.
Eurora uses artificial intelligence and machine learning to automatically manage cross-border VAT, duty amounts and declarations. The investment round, led by Change Ventures, comes at a time when ecommerce companies face new EU trade rules, which came into effect on the first of July.
Expanding the coverage across 193 countries
With this money, Eurora wants to expand the coverage of its ecommerce suit of customs compliance tools across 193 countries. The company’s focus is currently on Chinese ecommerce platforms. It revealed that it has already onboarded clients like Chinese ecommerce logistics providers UBI, TopYou and Yanwen, ecommerce marketplace JD.com, and ecommerce association AIECOMS. Together they represent over one million Chinese ecommerce companies.
Eurora expects to process over 1 million transactions per day by the end of 2021.
Eurora, which can also act as the fiscal representative for all cross-border transactions for non-EU sellers shipping to EU customers, already processes over 100,000 ecommerce transactions per day. This volume is expected to increase to over one million transactions per day by the end of 2021. Eurora’s AI/ML engine can automatically handle 5,000 requests per second with up to 96 percent accuracy.