Estonian e-commerce startup Eurora nabs $40M to improve shipping
The Tallinn-based e-commerce compliance platform Eurora Solutions has raised $40 million in a Series A funding round. Connected Capital led the round with participation from Change Ventures and Equity United, Tech.eu reports.
- Founded in 2018 by Marko Lastik, Eurora develops an e-commerce suite of customs compliance tools. The startup’s AI/ML-based platform automates tax, compliance, and customs services by creating e-declarations for EU duties and taxes via simple API integration.
- The B2B platform is helpful for online sellers, marketplaces, logistics, and postal companies, as well as tax and customs authorities. Eurora provides services for over 200 clients worldwide, delivering over 96% accuracy for e-commerce packages.
- The Series A round was led by Amsterdam-based Connected Capital. It is a venture capital and private equity firm focusing on European B2B SaaS companies. The existing investors, Change Ventures and Equity United, joined in the round.
“Eurora has built a platform which is significantly improving compliance while reducing package delays and lowering costs for e-commerce parcels shipped into Europe,”Shaffy Roell from Connected Capital explains the investment.
- Earlier, the company has already raised a $3 million seed funding from Change Ventures and some angel investors.
- Eurora will spend the new funding on geographical expansion in the UK, the US, as well as the Middle East. It will also boost product development and potential add-ons.