Marketplace Qogita raises 80 million euros
Wholesale marketplace Qogita has raised 80 million euros in a funding round. The platform wants to use the capital injection for product development and category expansion. The company has now raised a total of 119 million euros.
Qogita is a London-based B2B wholesale marketplace aimed at retailers in the health and beauty sectors. It was founded in 2021. According to the company, it has over 300 sellers. More than 10,000 businesses are using the platform to buy products for their online store.
The platform targets SME ecommerce retailers and businesses who are looking for an ‘all-in-one’ wholesale platform. Online retailers can source their supplies from around the world on the platform. Its algorithm matches buyers’ carts to the best mix of sellers. According to the company, it is impossible to replicate this match manually in terms of cost-savings, quality and speed of delivery. This is because prices, quantities and other parameters constantly change.
‘The Qogita algorithm matches a buyer’s cart to a mix of sellers.’
For brands selling on the platform, Qogita handles the process end to end. This includes shipping and delivery. The platform is similar to other European players, such as the Dutch marketplace Orderchamp or the French platform Ankorstore, which became a unicorn last year.
Expansion into new categories
In a series B round, Qogita has raised 80 million euros (86 million dollars). The platform will use the raised funds to expand into more categories. “Over the past two years, we have 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”, said Manolis Manassakis, CEO. “We are delighted to be working with an elite group of visionary investors to revolutionize wholesale procurement.”