Funding Roundup: Early-Stage Funding Raised by Eurora, GenieMode, Pyka and Others

It has been a phenomenal week 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 outstanding achievements:

Outfund Series A Funding

Outfund is a UK-based company that offers an alternative financing channel to e-commerce businesses. As opposed to traditional business loans, Outfund takes a “considered” lending approach where the repayment timeline for each company varies depending on its circumstances. Earlier this week, the revenue-based finance provider closed a £115M Series A to support over 5000 businesses in the next 12 months, and also increase its lending limit to £10M per firm.

• Year Founded: 2018

• Founders: Daniel Lipinski

• Location: London, United Kingdom 

• Latest Funding: £115M Series A

• Lead Investors: Force Over Mass, Post Finance, 1818 Venture Capital, Tribe Capital

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Eurora Series A Funding

Eurora is a cross-border e-commerce compliance platform that is backed by Artificial Intelligence and Machine Learning. Launched just 4 years ago, the startup already has over 200 clients worldwide and is able to process 5000 requests a second with up to 96% accuracy. With $40M raised from the recent Series A, Eurora is looking to expand operations into the UK, US, and Middle East.

• Year Founded: 2018

• Founders: Marko Lastik

• Location: Tallinn, Estonia

• Latest Funding: $40M Series A 

• Lead Investors: Connected Capital

Pyka Series A Funding

Pyka is an electric autonomous airplane manufacturer defining the future of fast, environmentally-friendly and accessible transportation. Through its ecosystem of technologies, Pyka plans on supplying its electric aircrafts to every sector that can benefit from electric aircrafts through its ecosystem of technologies. The $37M from its latest round of financing will largely go toward enhancing manufacturing capabilities, thus allowing Pika to work on a new cargo-carrying variant of the Pelican.

• Year Founded: 2017

• Founders: Chuma Ogunwole, Kyle Moore, Michael Norcia, Nathan White 

• Location: Oakland, United States

• Latest Funding: $37M Series A

• Lead Investors: Piva Capital, Prelude Ventures 

Arrow Seed Funding

Arrow, a Singaporean e-commerce solutions provider, has raised $4.8M seed funding led by Sequoia Capital India. With a particular focus on FMCG and other discretionary goods and services, Arrow is now used by 100 merchants and supports more than 50 payment methods including all the major ones in Singapore, Malaysia and Indonesia such as Atome, Boost and GrabPay. 

• Year Founded: 2020

• Founders: Liat Beng Neo, Sebastian Roervig, Sudhan Raj

• Location: Singapore, Singapore

• Latest Funding:$4.8M Seed

• Lead Investors: Sequoia Capital India

OnePort 365 Seed Funding

OnePort 365 is a digital freight management firm connecting Africa to global trade. Powered by a great team and proactive culture, the Nigerian startup leverages cutting-edge technology to simplify freight forwarding for the region’s traders, while simultaneously improving transparency, visibility and control of the supply chain process. The company plans to use the $5M seed for its venture into “three major hubs” across the continent as well as to ramp up its recruitment and tech developments.

• Year Founded: 2016

• Founders: Hio Sola-Usidame 

• Location: Lagos, Nigeria

• Latest Funding: $5M Seed

• Lead Investors: Mobility 54

GenieMode Series B Funding

Based in Gurugram, GenieMode is a B2B e-commerce startup that is transforming global sourcing for retailers and brands. Just four months after its Series A, the company has announced a $27.5M Series B featuring Tiger Global as its lead investor, along with its existing backer Info Edge Ventures. According to the CEO and Co-Founder Amit Sharma, the fresh capital will help strengthen its supply base across Southeast Asia and also penetrate deeper in key international markets.

• Year Founded: 2021

• Founders: Amit Sharma, Tanuj Gangwani

• Location: Gurugram, India

• Latest Funding: $27.5M Series B

• Lead Investors: Tiger Global

A huge congratulations to all and we are looking forward to witnessing your growth in the months to come!

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