Funding Roundup: LetsTranspor...

Funding Roundup: LetsTransport, Musinsa, Arrive Recommerce and Others Capitalize on Investor Confidence

Jul 21, 2023

It has been a great couple of weeks for startups in the e-commerce, logistics and supply chain space. In this week’s Ecosystem Funding Roundup, we are thrilled to feature 6 of their notable achievements:

LetsTransport Funding

LetsTransport, an Indian trucking aggregator, offers last-mile tech-logistics solutions for intra-state deliveries, serving retail, FMCG, e-commerce, and supply chains. Operating in over 20 cities, it connects businesses with truckers through its mobile platform and provides light commercial vehicles. With $25M raised in a funding round led by Bertelsmann India, LetsTransport aims to expand market presence, enhance logistics services, and accelerate profitability.

  • Year Founded: 2015

  • Founder(s):  Pushkar Singh, Sudarshan Ravi, and Ankit Parasher

  • Location: Bangalore, India

  • Latest Funding: $25M 

  • Lead Investor(s): Bertelsmann India

CYCLE Series A Funding

Berlin-based startup CYCLE aims to reduce emissions in urban areas and provide efficient and eco-friendly delivery solutions. Offering a B2B service for last-mile deliveries using cargo e-bikes, CYCLE operates in over 40 German cities and partnering with leading food and grocery delivery services. Raising €10.3M in a Series A funding round led by Scania Growth Capital, the funding will support the company's expansion in Europe, including entry into the UK market, fleet expansion, and customer acquisition in mail and parcel logistics.

  • Year Founded: 2017

  • Founder(s): Luis Orsini-Rosenberg and Nikodemus Seilern

  • Location: Berlin, Germany

  • Latest Funding: €10.3M Series A

  • Lead Investor(s): Scania Growth Capital

Simbe Robotics Series B Funding

Simbe Robotics, a company specializing in inventory robots, raised $28M in a Series B funding round led by Eclipse. Simbe's flagship product, Tally, monitors shelves in retail stores for missing or replaced items. Over the past year, Simbe has served top global retailers and processed billions of shelf photos. The funding will support Simbe's mission to elevate the retail experience through AI and robotics and expand its partnerships with retailers worldwide.  

  • Year Founded: 2014

  • Founder(s): Brad Bogolea, Mirza Shah and Jeff Gee

  • Location: San Francisco, California, United States

  • Latest Funding: $28M Series B

  • Lead Investor(s): Eclipse

Musinsa Series C Funding

South Korean fashion marketplace Musinsa offers over 8,000 local and foreign fashion brands to 13 million users, making it one of the largest fashion marketplaces in the country. The company is also focused on enhancing its ESG capabilities, including climate change response. Musinsa recently secured $190M in a Series C funding round led by KKR, where the funding will support Musinsa's expansion into international markets, growth of its online and offline business, hiring efforts, and potential acquisitions.   

  • Year Founded: 2001

  • Founder(s): Cho Man Ho

  • Location: Seoul, South Korea

  • Latest Funding: $190M Series C

  • Lead Investor(s): KKR

Blitz Funding

Bengaluru-based startup Blitz has raised $3M in a funding round led by multiple investors to enhance its same-day delivery platform. Blitz offers same-day delivery for orders placed before 3 PM and next-day delivery for later orders. The platform enables sellers to store inventory in dark stores, enabling faster four-hour deliveries. The funding will be used to improve technology infrastructure and expand the network of dark stores across India.

  • Year Founded: 2021

  • Founder(s): Gaurav Piyush, Yash Sharma and Mayank Varshney

  • Location: Bengaluru, India

  • Latest Funding: $3M

  • Lead Investor(s): India Quotient, Better Capital, First Cheque and Titan Capital

Arrive Recommerce Series A Funding

Arrive Recommerce, a technology company specializing in recommerce management, helps brands and retailers turn returns and excess inventory into a profitable resale channel. The company's modular technology allows for a quick launch of the resale channel, generating revenue and improving operational efficiency. The company recently raised $16M in Series A funding for platform expansions and technology enhancements.

  • Year Founded: 2019

  • Founder(s): Rachelle Snyder and Ross Richmond

  • Location: Santa Monica, California, United States

  • Latest Funding: $16M Series A

  • Lead Investor(s): Javelin Venture Partners and Climatic VC

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