Magaloop raises six million euros
The Berlin-based start-up connects kiosk owners with suppliers via app, aiming to make processes more efficient and cost-effective. In a seed financing, Magaloop has now received six million euros.
The Späti around the corner is perhaps one of the few areas that has not yet gone digital. The start-up Magaloop wants to change that by connecting suppliers and owners of kiosks, gas stations or bakeries. This way, stationary retailers can order the missing products for the shelf from a selected supplier in the city via the app. In a seed financing, the Berlin-based start-up is now receiving six million euros.
The round is led by existing investor Redalpin, with Atlantic Food Labs, Piton Capital, Market One Capital, Bitburger Ventures and FJ Labs also participating. The money will be invested primarily in further growth and expansion of the app.
"With the new capital, we are getting closer to our goal of making the many independent retailers sustainable through our digital solution," says CEO Uwe Hölzer. He and Michael Högemann founded Magaloop in 2018, and today the Berlin-based startup employs 30 people.
Main investor Redalpin was particularly impressed by Magalopp's growth despite the Corona pandemic: "With its unique business model, Magaloop was able to double not only its trading partners but also its transaction volume last year, despite Covid-19 and accompanying lockdowns. In 2020, for example, Magaloop already had over 2,000 traders in its network, representing a transaction volume of over €70 million," said Sebastian Becker, Investment Manager at Redalpine.
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