Eurora Solutions raises $40M in Series A to tackle e-commerce shipping delays ca… – Press Release

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  • Reported as one of the largest Estonian Series A rounds. 
  • Eurora’s unique AI-based solution was developed with 22 scientists from the world’s top 1% universities and backed with support from European Union (EU) Archimedes Fund.
  • Eurora already has over 200 paying clients worldwide that use its technology to process millions of parcels every day. 

TALLINN, Estonia, April 27, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, an Artificial Intelligence/Machine Learning-backed (AI/ML) cross-border e-commerce compliance platform, is announcing the closure of its oversubscribed Series A round, raising $40 million/£31 million. Amsterdam based Connected Capital led the round, with existing investors, including Change Ventures, Equity United and Eurora’s founder Marko Lastik also participating. 

Eurora already has over 200 paying clients worldwide, including some of the biggest e-commerce players in Asia, such as JD.com, Yanwen and Topyou. These three companies alone process around billion parcels per year and deliver to more than 120 countries. The new funding will be used for geographical expansion in the UK, the US, and the Middle East, where rapid and high growth in the sector is expected, and product development and potential add-on acquisitions. In the past decade, global parcel shipping volume has tripled, and by 2026, this market is expected to reach over 260 billion parcels delivered. 

In July last year, the EU ended the €22 import VAT exemption, and new trading regulations between the EU and the rest of the world gradually came into effect. This was intended to create a level playing field with local European manufacturers and retailers. Complying with this new regulation in the high volume, low value-per-package e-commerce market has been a challenge for merchants and logistics operators from the UK, the US, China and the rest of the world. These players are looking for software-based solutions that can help handle the billions of cross-border packages affected…

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