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 plans to use the cash to expand its network of independent wholesalers/retailers and accelerate platform expansions.
Independent retailers are often disconnected from the internet and are often unable to order online.
MagaLoop is trying to disrupt the sector to ensure independent retailers and convenience stores remain competitive in the rapidly changing grocery and retail market.
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.
Customers can order anything from chewing gums and drinks with one tap.
The company claims that the digital tool facilitates efficient and fast ordering via smart features such the barcode scanner, order history, or order history. This allows small retailers like kiosks, bakeries, late-night stores and snack bars to better manage their resource.
The solution also benefits FMCG and wholesalers by giving them access to the retailers network, as well as detailed data about the flow of goods.