Lithuanian startup Eany.io secures €2M within the seed funding to revolutionize B2B wholesale 

Eany.io, a Lithuanian start-up growing a B2B platform for buying and selling electronics, family, and DIY items, secured a €2 million funding within the seed funding. It was supplied by well-known European funding funds Market One Capital from Poland and Practica Capital from Lithuania, in line with the knowledge shared with Finbold.

“There are solely a handful of platforms of this kind in Europe, and there have by no means been any within the electronics, house, and DIY phase. Subsequently, the funding will permit us to speed up and optimise our enterprise processes and put together for the anticipated development”, says Mindaugas Apanavičius, co-founder and CEO of Eany.io.

A part of the €2 million funding was supplied by the Polish fund Market One Capital, which is taken into account one of many high 10 VC funds in Europe investing in buying and selling platforms.

In line with Marcin Kurek, Managing Companion of Market One Capital Fund, despite the fact that we’re nonetheless initially of the B2B market revolution, the tendencies are very clear.

“We consider that in the long run, every enterprise class may have its personal market to facilitate all its wants: transactions, gross sales, logistics, funds and so forth. This may rework many industries as we all know them as we speak. That’s why we determined to again founders of Eany, supporting them in digitizing an enormous, extremely fragmented and nonetheless largely offline trade,” says Mr. Kurek.

One other co-investor on this spherical, Practica Capital, is likely one of the main early-stage VCs within the Baltics. The fund has invested in Lithuanian startups equivalent to Ovoko, Eneba, and Billo, all of that are growing globally famend buying and selling platforms.

“We’re excited to participate within the effort to cut back litter and distance between manufacturers and customers. There are nonetheless huge structural inefficiencies in entry, logistics, and warehousing, typically exploited by incumbent middlemen. We consider that Eany’s founding workforce’s area experience and technical prowess kind a successful mixture to construct a differentiated B2B market to seize immense worth,” says Arvydas Bložė, Companion at Practica Capital.

Focusing on an undeveloped area of interest

In line with the CEO of Eany.io, the start-up is a B2B buying and selling platform that collects inventory information from producers, distributors, and bodily shops. The collected information is aggregated on the platform, and the particular info is made accessible to consumers, bodily, and on-line shops.

“We see that the massive B2B platforms, the “unicorns” like Ankorstore and Faire, prioritise working with small producers, whereas our thought is to permit retailers to promote A-brands by themselves. Having A-brands within the vary makes us fascinating to a wider vary of shoppers, and smaller producers might be offered with A-brands as an possibility. Prospects who select the massive manufacturers are far more loyal to their suppliers, however they’re additionally extra demanding by way of pricing,” explains Mr. Apanavičius.

In line with consultant of Eany.io, a number of years of expertise in retail and wholesale markets present that A-brands act as a booster to promote extra B-brand and personal label merchandise. “Subsequently, our present vary offers retailers a further alternative to draw new prospects by specializing in product and on-line store promotion, whereas leaving all product choice and procurement to our gross sales platform.”

In line with Mr. Apanavičius, each suppliers and consumers can profit from the platform they’re growing. The main target is on increasing the vary of merchandise within the electronics, homeware, and DIY classes.

“We assist suppliers not solely to handle their warehouses extra easily, but additionally to enter new markets. European suppliers – producers and retailers – are added to the database by submitting product lists in numerous, simple to combine kinds. On this database, the product lists are aggregated, analysed, and given to retail prospects vja API, whereas suppliers are supplied with suggestions on their assortment,” says Mr. Apanavičius.

On the identical time, the consumers of the products – bodily and on-line shops – are given commerce credit, order logistics are consolidated, and the vary of products is radically expanded. Such options permit every of enterprise companions to safe greater revenues and strengthen their aggressive positions within the extremely aggressive European retail market.

Million-value orders – within the first yr

Presently, greater than 200 suppliers are utilizing the platform to submit their information. In line with the co-founder of the start-up, this permits suppliers to generate further income, ensures greater warehouse turnover and helps them to understand stagnant inventory.

“This yr alone, we’ve helped suppliers to generate greater than €9 million in orders: this isn’t the one proof that the idea we’re growing is fascinating to prospects, but additionally demonstrates its actual advantages. The product producers we work with additionally profit – in trade for the info, we assist them do all of the arduous work: coordinating logistics, managing prospects’ commerce credit and so forth.,” says Mr. Apanavičius, co-founder and CEO of Eany.io.

About Eany.io

Eany.io is a B2B commerce platform developed by Lithuanian start-up 1ean, UAB which connects consumers and suppliers of various merchandise and operators. The corporate goals to deal with the inefficiencies of conventional B2B commerce by giving prospects a centralised place to buy, simplifying transactions and offering wider entry to merchandise for companies throughout Europe.

The corporate’s co-founders embody Mindaugas Apanavičius, Artūras Petkauskas, and Kęstutis Ramoskevičius – long-time staff of UAB Sominis Expertise and DistIT AB, in addition to Antanas Kaselis, who has a few years of expertise in programming and IT system growth. A further Worker Inventory Possession Plan (ESOP) allows new and current staff to turn out to be shareholders of the corporate as effectively.