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    Eany.io Raises €2 Million in Seed Funding

    Eany.io, an emerging Lithuanian startup developing a B2B gateway for trading electronics, household items, and DIY goods, has secured a €2 million investment in its early stages. This funding has been provided by distinguished European investment firms Market One Capital from Poland and Practica Capital from Lithuania, as disclosed to Finbold.

    “In Europe, there are only a handful of similar platforms, none of which focus on electronics, home, and DIY segments. Therefore, this injection of capital will accelerate and optimize our operational processes, preparing us for expected expansion,” said Mindaugas Apanavičius, CEO and co-founder of Eany.io.

    A part of the €2 million investment originates from the reputable Polish fund Market One Capital, known as a leading VC fund in Europe specializing in trade platforms.

    Expressing his thoughts, Marcin Kurek, Managing Partner of Market One Capital Fund, mentioned that while the B2B marketplace evolution is still in its infancy, the emerging trends are quite clear.

    “We predict that eventually, every industry sector will have its own platform catering to its specific needs: transactions, sales, logistics, payments, and more. This will revolutionize multiple industries as we know them today. This is why we decided to support the founders of Eany, helping them digitize a large, highly fragmented, and mostly offline industry,” Mr. Kurek stated.

    Another contributor in this funding round, Practica Capital, is recognized as a major early-stage VC in the Baltic region. The fund has invested in various Lithuanian startups like Ovoko, Eneba, and Billo, all of which are creating globally renowned trading centers.

    “We are excited to be part of the initiative to simplify the complexities and distances between brands and consumers. Significant structural inefficiencies in accessibility, logistics, and warehousing are still prevalent, often exploited by entrenched intermediaries. We believe that the combination of Eany’s founders’ industry expertise and technical skills forms a powerful mix to establish a unique B2B marketplace that can generate substantial value,” noted Arvydas Bložė, Partner at Practica Capital.

    Exploring an untapped market segment

    According to Eany.io’s CEO, the startup functions as an intermediary B2B trading platform that aggregates inventory information from manufacturers, distributors, and physical stores. This consolidated data is centralized on the platform, with specific details accessible to customers, both offline and online retailers.

    “We have observed that major B2B platforms, such as Ankorstore and Faire, focus on collaborating with smaller manufacturers, whereas our approach revolves around empowering retailers to sell top-notch brands independently. The inclusion of high-quality brands in our selection makes us attractive to a wider customer base, showcasing both major brands and smaller producers. Customers loyal to popular brands tend to favor their suppliers, even with elevated pricing expectations,” explained Mr. Apanavičius.

    Utilizing insights from years of experience in retail and wholesale markets, a representative from Eany.io highlights how premium brands can drive the sales of secondary and private label products. They added, “Therefore, our current product range enables retailers to attract new customers by focusing on product promotion and online store presentation, while our sales platform takes care of product selection and procurement.”

    Stressing that both suppliers and buyers can benefit from their evolving platform, Mr. Apanavičius emphasizes expanding the product offerings in the electronics, homeware, and DIY categories.

    “We not only help suppliers streamline their warehouse operations but also support their entry into new markets. European suppliers, whether manufacturers or retailers, are included in our database after submitting product inventories in various easily integrable formats. Within this database, product listings are curated, analyzed, and distributed to retail clients via API, while suppliers receive insights about their product range,” Mr. Apanavičius revealed.

    At the same time, buyers, ranging from physical stores to online sellers, receive trade credits, benefiting from streamlined order logistics and a significantly expanded product range. These innovations empower each business partner to boost their revenues and strengthen their competitive position in the highly competitive European retail landscape.

    Million-euro Sales – A Success in the First Year

    Currently, over 200 suppliers are utilizing the platform to share their data. The startup’s co-founder pointed out that this feature enables suppliers to generate extra revenue, accelerate inventory turnover, and help sell stagnant stock.

    “Just this year, we have guided suppliers to secure orders exceeding €9 million: this not only demonstrates the appeal of our evolving concept to customers but also serves as concrete evidence of its real benefits. The product manufacturers we collaborate with also enjoy advantages – in exchange for their shared data, we handle logistics coordination, manage customers’ trade credits, and more,” affirmed Mr. Apanavičius, the co-founder and CEO of Eany.io.

    Overview of Eany.io

    Eany.io is a B2B trading platform led by the Lithuanian startup 1ean, UAB, connecting buyers, suppliers across various product categories, and operators. The company’s goal is to address the inefficiencies inherent in traditional B2B commerce by providing customers with a centralized procurement outlet, streamlining transactions, and broadening product accessibility for businesses throughout Europe.

    The team of co-founders includes Mindaugas Apanavičius, Artūras Petkauskas, and Kęstutis Ramoskevičius – professionals with extensive experience at UAB Sominis Technology and DistIT AB, supported by Antanas Kaselis, a seasoned expert in programming and IT system development. The implementation of an Employee Stock Ownership Plan (ESOP) offers both new and existing staff members the opportunity to become stakeholders in the company.

    Image Source: Eany.io

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