MagaLoop Raises €9M in Series A Funding

MagaLoop

MagaLoop, a Berlin, Germany-based digital B2B marketplace, raised €9m in Series A funding.

The round was led by existing investors Market One Capital and FoodLabs, with participation from existing investors Redalpine Capital and Bitburger Ventures and new investors Fuse Venture Partners, Créateurs de Convivialité Ventures and Hesta Investments.

The company plans to use these funds to expand its network of independent wholesalers, retailers and to drive additional platform expansions.

Founded in 2018 by Uwe Hölzer and Michael Högemann, MagaLoop provides an app-based ordering platform that connects independent retailers such as convenience stores, bakeries, gas station stores and late-night grocery stores directly with suppliers. With just a tap, customers can order everything from chewing gums up to beverages. It offers smart features such as a barcode scanner for reordering items or extensive order history.

MagaLoop currently has more than 4000 active merchants with an order volume of over €100 million annually.

It employs approximately 70 people at the moment.

Get latest news from African Startup ecosystem

Latest stories

You might also like...