Funding Roundup: Major Wins for CleverTap, LOCAD, ReturnLogic and Others

It has been a tremendous 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 amazing achievements:

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Convertedin Seed Funding 

Convertedin, an Egyptian startup that builds marketing operating systems for e-commerce brands, raised $3M in a seed funding round led by Saudi Arabia's Merak Capital for strategic hiring and further development of its platform. Founded in 2019, Convertedin works directly with brands in unifying data to unlock value and create more efficient marketing strategies.

• Year Founded: 2019

• Founders: Mohamed Fergany, Mohamed Atef, Mustafa Raslan

• Location: Delaware, United States

• Latest Funding: $3M Seed

• Lead Investors: Merak Capital 

CleverTap Series D Funding 

The leading global B2B SaaS platform for customer engagement and retention, CleverTap, has closed $105M in Series D funding. CleverTap’s platform leverages machine learning and artificial intelligence to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers. The fresh funds will be utilized to expand its global footprint and expand the team and capabilities to support its growth. 

• Year Founded: 2013

• Founders: Anand Jain, Sunil Thomas, Suresh Kondamudi

• Location: Mountain View, United States

• Latest Funding: $105M Series D

• Lead Investors: Caisse de dépôt et placement du Québec (CDPQ) 

ReturnLogic Series A Funding 

A leader in returns management software (SaaS) solutions for e-commerce brands and retailers, ReturnLogic, bagged $8.5M in Series A funding to increase its workforce and enhance its API offerings and lean into its sales model. Established in 2015, ReturnLogic’s unique SaaS platform powers return workflows and operations, unifying reverse logistics technology solutions into a single, integrated platform.

• Year Founded: 2015

• Founders: Peter Sobotta

• Location: Pennsylvania, United States

• Latest Funding: $8.5M Series A

• Lead Investors: Mercury

Geek+ Series E1 Funding 

Warehouse automation vendor Geek+ raised $100M in Series E1 financing round. As the leading logistics robot enterprise, Geek+ helms a rich robot product line that covers broad capabilities for storage, sorting and sorting in warehousing scenarios. With the new capital, the company strives to accelerate its global market expansion and invest in the research and development of its autonomous mobile robot (AMR) technology.

• Year Founded: 2015

• Founders: Yong Zheng, Hongbo Li, Kai Liu, Xi Chen

• Location: San Diego, United States

• Latest Funding: $100m Series E1

• Lead Investors: Intel Capital, Vertex Growth, Qingyue Capital Investment

Miferia Seed Funding 

Miferia, a Mexico-based provider of an online wholesale marketplace, raised $7M in Seed funding co-led by Bain Capital Ventures and Tiger Global. Launched in 2022, Miferia’s platform enables retailers to bring their inventory relationships online, expand their product selection and get more favorable credit terms. The fresh funds will be channeled to accelerate growth and expand operations in Latin America. 

• Year Founded: 2022

• Founders: Tariq Musa

• Location: Mexico City, South America

• Latest Funding: $7M Seed

• Lead Investors: Bain Capital Ventures, Tiger Global

LOCAD Series A Funding

Singapore-based logistics and supply chain management integrator for cross-border e-commerce, LOCAD, received $7.9M in Series A investment round. LOCAD is Asia Pacific’s first end-to-end fulfillment service for e-commerce that combines an integrated technology platform with a network of warehouses and logistics partners. The new capital will be leveraged to expand its operations for fulfillment hubs in Vietnam, Malaysia and Indonesia.

• Year Founded: 2020

• Founders: Constantin Robertz, Jannis Dargel, Shrey Jain

• Location: Singapore

• Latest Funding: $7.9M Series A

• Lead Investors: Reefknot Investments 

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