Berlin-based digital B2B marketplace MagaLoop has raised €9 million in funding for its app-based ordering platform to connect independent retailers directly with suppliers.
The Series A round was led by existing investors Market One Capital and FoodLabs and saw the participation of Redalpine Capital, Bitburger Ventures, Fuse Venture Partners, Créateurs de Convivialité Ventures, and Hesta Investments.
The company will use the new cash to further expand its network of independent wholesalers and retailers and drive additional platform expansions.
Independent retailers are largely undigitised and disconnected and struggle with inefficient and outdated ordering processes.
Disrupting the segment to ensure convenience stores and independent retailers remain competitive in the fast-changing grocery and retail space, MagaLoop is attempting to change the scenario.
Founded in 2018 by Uwe Hölzer and Michael Högemann, the app connects retailers such as convenience stores, bakeries, gas station stores, and late-night grocery stores to suppliers.
It allows customers to order everything from chewing gums to drinks through one tap.
According to the company, the digital tool ensures fast and efficient ordering processes via smart features such as the barcode scanner or order history, and thus helps small retailers such as bakeries, kiosks, late-night stores, snack bars, and gas station stores to better manage their resources.
Wholesalers and FMCG manufacturers also benefit from the solution by gaining access to the retailer network as well as in-depth data on the flow of goods.
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