Funding Roundup: FlexFactor, RedTrack and Others Successfully Close New Funding Rounds
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 5 of their notable achievements:
FlexFactor
FlexFactor, a Miami, FL-based supplier of decline recovery solutions for e-commerce brands, has concluded a $16.8 million in a Series A funding round. Bessemer Venture Partners led the round, with additional participation from seed investors. Founded by CEO Elio Vitucci, it is notable for converting false declines into sales, evaluating data points, and increasing merchant sales by 5% on average. With this new investment, the business intends to expand global operations by growing sales and customer service while employing AI for payment recovery.
Year Founded: 2022
Founder(s): Zeev Shoval
Location: Miami, United States
Latest Funding: US$16.8 Series A
Lead Investor(s): Bessemer Venture Partners
RedTrack
Vilnius-based RedTrack is an AI-powered analytics and automation platform for media buyers. It has successfully raised $3.2 million in a Series A round led by Lead Ventures, with participation from InstaVC and Iron Wolf Capital. The new funding will be utilized to expand the product team and expedite AI product development. RedTrack, founded in 2017, develops an automation and analytics platform specifically for e-commerce media purchasers. The business integrates with prominent platforms such as Facebook, TikTok, Google, and Shopify, giving consumers a comprehensive overview of their campaign results in one spot.
Year Founded: 2017
Founder(s): Vladyslav Zhovtenko
Location: Vilnius, Lithuania
Latest Funding: US$3.2 Series A
Lead Investor(s): Lead Ventures
TUNL
TUNL, a South African shipping platform for eCommerce exporters, has closed a priced seed round to boost marketing support for small and medium-sized businesses (SMEs). This move comes ten months after the company disclosed $1 million in pre-seed capital to accelerate its development in its home market, South Africa, as well as in other major African and emerging countries. The fresh capital will help the business boost its growth in the South African market, including product expansion into international payments and increased marketing support for SMEs.
Year Founded: 2020
Founder(s): Craig Lowman
Location: Cape Town, South Africa
Latest Funding: Undisclosed Seed Funding
Lead Investor(s): E4E Africa
Moselle
Moselle, a Toronto, CA-based AI-powered inventory planner and procurement manager for small and medium-sized e-commerce businesses, has secured $2 million in investment. AQC Capital and MaRS Investment Accelerator Fund led the round, which also included True, Rebellion Ventures, Highline Beta, Top Knot Ventures, and Singh Capital. The funds will be used to enhance further the company's AI-powered inventory forecasting, production planning, and purchasing suite.
Year Founded: 2019
Founder(s): Lakhveer Singh Jajj
Location: Toronto, Canada
Latest Funding: US$2M Seed Funding
Lead Investor(s): AQC Capital and MaRS Investment Accelerator Fund
Elixia Tech Solutions Limited
Elixia, a logistics automation firm, has secured $1 million (approximately Rs 8.4 crore) in a fundraising round headed by the JITO Incubation and Innovation Foundation (JIIF). Founded by Sanket Sheth, the startup focuses on delivering complete software solutions to help businesses simplify their supply chain processes. It intends to use the fresh funds to develop across the Middle East, providing modern logistics solutions to local businesses. This investment will also improve their product offerings by using Generative AI and Machine Learning to enhance multimodal visibility and operational efficiency.
Year Founded: 2011
Founder(s): Sanket Sheth
Location: Mumbai, India
Latest Funding: US$1M
Lead Investor(s): JITO Incubation and Innovation Foundation
