Eurora raises €38 million
Eurora, which offers compliance solutions for cross-border ecommerce businesses, has raised 40 million dollars (37.94 million euros) in a Series A round. The capital injection will be used to accelerate the Estonian company’s international expansion.
Estonian company Eurora uses artificial intelligence and machine learning to automatically manage cross-border VAT, compliance and customs services for customers. Its b2b platform is used by online sellers, marketplaces, logistics providers, as well as tax and customs authorities. According to the company, it serves over 200 clients worldwide.
New EU VAT rules
As of July last year, the VAT rules within the EU changed. The previous 22 euros import VAT exemption ended, while regulations to create a level playing field with local European manufacturers and manufacturers worldwide came into effect. Cross-border sellers from the UK, the US and China have had to adjust to these new rules.
‘The software handles 5.000 requests per second with up to 96% accuracy.’
Eurora’s software simplifies VAT, compliance and customs for these cross-border sellers. The platform is claimed to have a 96 percent accuracy for parcels and handles 5.000 requests per second. It automatically calculates the applicable VAT and duty amounts. At the same time, it also creates electronic declarations for EU duties and taxes with an API integration.
Series A round
In July 2021, Eurora raised 2.5 million euros. With the money, the company expanded the coverage of its customs compliance tools across 193 countries. Just 9 months later, the company held a Series A round led by Connected Capital. Existing investors such as Change Ventures, Equity United and founder Marko Lasik participated in the round that raised almost 38 million euros.
‘Eurora will expand geographically in the UK, the US and the Middle East.’
The software provider will use the capital injection to expand geographically into the UK, the US and the Middle East. Its current team of 150 people is expected to double by the end of this year. The company also wants to boost product development and add-on acquisitions.