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MagaLoop takes in 9m euros

MagaLoop, a digital B2B marketplace in Europe, has secured 9 million euros in Series A funding.

MagaLoop, a digital B2B marketplace in Europe, has secured 9 million euros in Series A funding. Market One Capital and FoodLabs led the round.

PRESS RELEASE

Berlin, May 12, 2022 – MagaLoop, the leading digital B2B marketplace in Europe, has raised €9 million in Series A funding for its app-based ordering platform which connects independent retailers such as convenience stores, bakeries, gas station stores and late-night grocery stores directly with suppliers. The app allows customers to order everything from chewing gums to drinks through one tap. This leads to improved product availability as well as fast and efficient ordering processes removing administrative burdens faced by small business owners. Moreover, the app offers smart features like a barcode scanner to reorder items or a comprehensive order history.

The funding round is led by existing investors Market One Capital and FoodLabs, further existing investors Redalpine Capital and Bitburger Ventures also participated in the round alongside new investors Fuse Venture Partners, Créateurs de Convivialité Ventures and Hesta Investments.

“With the new round of financing, we can continue to drive and specifically shape the structural change in the impulse channel aiming for sustainably strengthening the competitiveness and future viability of the small, independent retailers,” said Uwe Hölzer, co-founder at MagaLoop. “As the only digital platform in this market segment, we are in an excellent position to further expand our market leadership in the coming years.”

“We’re happy to continue backing the experienced and ambitious MagaLoop team “, said Patrick Huber, General Partner at FoodLabs. “Building on strong traction, we see great momentum for further expansion of MagaLoop’s business, enabling even more independent retailers to digitize and run their business more efficiently in a highly competitive space. “

Marcin Zabielski, Managing Partner of Capital explained: “One of our investment theses in Market One Capital is, that European, traditional, wholesale distribution will be digitized in the following years. More and more owners of small stores and kiosks will choose convenience and additional, financial and logistic services over the current, imperfect model. We support MagaLoop almost since the very beginning because they realize this ambitious vision.”

With the fresh funding, MagaLoop will further expand its network of independent wholesalers and retailers and drive additional platform expansions. The marketplace has been growing rapidly since its founding in 2018 and has already reached a market share of 15 percent in Germany. MagaLoop showed accelerated growth again in 2021 and currently has more than 4000 active merchants with an order volume of over €100 million annually.