Funding Roundup: Udaan, Vegro...

Funding Roundup: Udaan, Vegrow, Tacto and Others Attract Great Investments

Dec 22, 2023
Funding Roundup: Udaan, Vegrow, Tacto and Others Attract Great Investments

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:

TUNL Pre-Seed Funding

Based in South Africa, TUNL is a parcel shipping platform aimed at reducing high shipping costs for small and medium-sized businesses, especially in emerging markets. Offering diverse shipping options, including a low-cost courier service to the USA and partnerships with carriers like UPS and FedEx, TUNL recently secured $1M in pre-seed funding to expand its services, aiming to cut international shipping costs for e-commerce merchants by 50 to 80%.

  • Year Founded: 2022

  • Founder(s): Matthew Davey and Craig Lowman

  • Location: Capetown, South Africa

  • Latest Funding: $1M

  • Lead Investor(s): Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels

Udaan Series E Funding

Udaan, an Indian e-commerce firm, enhances inventory procurement and working capital access for merchants in smaller cities through its online marketplace and logistics network. Connecting thousands of sellers to 3 million retailers, the startup offers a wide range of products and financial support. With $340M raised in a Series E round led by M&G Plc, Udaan aims to boost operational efficiency and expand regionally, targeting India's $100 billion eB2B market.

  • Year Founded: 2016

  • Founder(s): Vaibhav Gupta, Amod Malviya and Sujeet Kumar

  • Location: Bangalore, India

  • Latest Funding: $340M

  • Lead Investor(s): M&G Plc

Maka Pre-Seed Funding

Maka, an African fashion and beauty e-commerce platform, addresses the challenges of finding inclusive fashion in Africa, offering an interactive social commerce platform with live try-ons and user-generated content. The platform solves trust issues in online shopping and assists creators in monetizing their influence, primarily through video reviews by users. Raising $2.65M in a recent pre-seed funding round, Maka plans to use the fresh capital for team expansion, technological enhancements and deepening its presence in Ghana and Nigeria.

  • Year Founded: 2021

  • Founder(s): Diana Owusu-Kyereko

  • Location: Lagos, Nigeria

  • Latest Funding: $2.65M

  • Lead Investor(s): 4DX Ventures and Janngo Capital

Tacto Funding

German AI-based supply chain solution provider Tacto automates and streamlines procurement processes, overcoming the limitations of manual workflows. Its AI technology ensures ESG regulation compliance and identifies cost-saving opportunities, potentially cutting procurement expenses by up to 10%. With a recent €50M funding boost, Tacto aims to further develop its product, focusing on AI to automate supplier and compliance workflows, optimize material costs, and enhance sustainable procurement practices.

  • Year Founded: 2020

  • Founder(s): André Petry, Johannes Groll and Nico Bentenriede

  • Location: Munich, Bavaria, Germany

  • Latest Funding: €50M

  • Lead Investor(s): Sequoia Capital and Index Ventures

Vegrow Series C Funding

Indian-based B2B fruits marketplace, Vegrow, secured $46M in a recent funding round led by GIC, aiming to optimize supply chains and reduce perishable inventory waste through technology and data. This approach has led to a fivefold increase in revenue and enhanced operational profitability. The funding will be used to expand Vegrow's operations across India and enhance its global network, focusing on improving the efficiency and reliability of the fruit ecosystem.

  • Year Founded: 2020

  • Founder(s): Kiran Naik, Mrudhukar Batchu, Shobhit Jain and Praneeth Kumar

  • Location: Bangalore, India

  • Latest Funding: $46M

  • Lead Investor(s): GIC

Qogita Series B Funding

Qogita, a health and beauty sector-focused wholesale procurement platform, simplifies the purchasing process for small and medium-sized businesses by automating tasks like price comparison and order tracking. Its innovative algorithm matches buyers' orders with the best sellers for cost, quality, and speed. Recently, Qogita raised €80M in a Series B funding round led by Dawn Capital, with plans to invest in product development and expand categories, aiming to transform the wholesale procurement e-commerce market.

  • Year Founded: 2021

  • Founder(s): Danny Toledano and Yaniv Toledano

  • Location: London, United Kingdom

  • Latest Funding: €80M

  • Lead Investor(s): Dawn Capital

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