Wholesale procurement platform emerges from stealth with over £100m investment

Qogita, a London based platform making wholesale procurement “as simple as shopping on Amazon”, is emerging from stealth and announcing it has raised €80m (approx. £69m) in Series B funding led by Dawn Capital.

The round, which included participation from previous investors including Series A lead Accel, and Seed co-leads LocalGlobe and Bessemer Venture Partners, brings the total raised by the company to €119m (approx. £102.5m). The funding will be used to invest in product development and category expansion.

Qogita was born out of the realisation of the complexities of trying to source wholesale products as a small e-commerce business.

According to the platform’s creators, the time that retailers should focus on developing the store and growing the brand is instead often channelled into trying to build relationships with suppliers, negotiating to get the best deals and navigating the complex requirements of supply chain management.

Qogita was founded in 2021 to solve this. The all-in-one wholesale ecommerce platform connects buyers and sellers, with a focus on the health and beauty sector. The platform optimises procurement, making it “as simple as buying products at Amazon”.

Buyers, usually small and medium-sized retailers, select their desired items, choosing from popular brands, whilst Qogita finds the best available prices for each product, removing the need to compare deals and negotiate with different sellers.

All customers need to do is check out and use the platform to keep track of orders, with Qogita taking care of the whole purchase, including shipping and delivery. Qogita’s algorithm-based allocation system is what sets it apart from 99 per cent of marketplaces that have trouble adding significant value after the initial discovery phase.

Its allocation logic matches buyers’ carts to the optimal mix of sellers, which is impossible to replicate manually, in terms of cost-savings, quality and speed of delivery. This is because, for the very same order, the optimal mix of sellers is different every minute, as prices, quantities and other parameters constantly change.

Manolis Manassakis, CEO at Qogita, commented: “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 small and medium-sized businesses.

“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. We’re delighted to be working with an elite group of visionary investors to revolutionise wholesale procurement.”

By Matthew Neville – Senior Correspondent, Bdaily

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