Qogita Raises $87M for Wholesale Procurement Platform Growth

London-based startup Qogita reportedly raised €80M ($87.3M) in Series B to expand its procurement platform for SMBs. According to the Tech Funding report released on Friday.

The startup is developing to help traders source products reliably and at competitive wholesale prices, balancing the playing field for more diminutive retailers in today’s problematic economy. As per the report, Qogita will invest the new funding in product growth and extending its product categories.

The report said that Qogita aims to ease the complex and time-consuming process that small retailers face when sourcing products at wholesale prices. Its platform is a one-stop shop, offering branded products at competitive prices, and its user-friendly interface and automated processes make wholesale procurement straightforward, per the report.

In this report, Qogita CEO Manolis Manassakis said, “In an age when everyone is ordering goods and services from a meal to a car ride at the push of a button, it is inappropriate how hard wholesale buying can be for [SMBs]. ”

The report said Qogita connects buyers with sellers, primarily in the health and beauty sector, eliminating the need for customers to compare deals or negotiate with multiple sellers. The algorithm-based allocation system of the platform matches buyers’ shopping carts with the most optimal mix of sellers, ensuring cost-efficiency, quality, and fast delivery.

The report shows that the platform aims to empower SMBs by providing access to products and prices typically reserved for larger enterprises. Qogita offers a wide range of products and eradicates listing and trading fees, improving the competitiveness of these industries.

Additionally, according to the report, Qogita’s buy now, pay later (BNPL) feature assists buyers in managing large upfront payments. Qogita has been growing since it was founded in 2021. It is a company in Europe, the UK, and the US, and its platform is used by over 300 vendors and more than 10k customers.

According to PYMNTS, modern B2B marketplaces are changing organizations’ operations and growth. It was reported in April. At the same time, digital capabilities are transforming how buyers and sellers interact.