Estonian startup Eurora Solutions today announced said it has closed a $3 million seed investment round, which was led by Change Ventures, to expand coverage of its e-commerce suite of customs compliance tools across 193 countries.
Eurora said it was focusing on Chinese platforms to offer its software which dynamically assigns to e-commerce product transactions an appropriate HS code (standardized numerical method of classifying products), calculates the appropriate VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes.
Eurora said it has already on-boarded major clients like UBI and TopYou (largest e-commerce logistics providers in South China), Yanwen (ranked in the top three cross-border e-commerce logistics providers in China), JD.com (one of the largest marketplaces in the World), and AIECOMS (large Association of Chinese cross-border e-commerce businesses). Together they represent over one million Chinese e-commerce companies.
Eurora is processing over 100,000 e-commerce transactions per day, and volume is expected to increase to over one million transactions per day by the end of 2021.
Eurora’s one-stop solution is especially significant for international e-commerce players considering the dramatic changes in EU trade rules which came into effect on July 1, and they are expected to increase the number of customs declarations by more than 900% as billions of new declarations must be submitted and processed.