Estonian startup providing a SaaS fulfilment solution for medium-sized and large online retailers, Outvio, has closed a $3 million financing round led by Change Ventures, to finance its growth in Europe.
“This round of fundraising, the first in Outvio’s history, will be used to expand the marketing and development teams, building on the success they’ve already achieved in Spain and Estonia to launch services throughout Europe,” the company said in a statement.
There are more than a million online shops in Europe, with 4 billion parcels shipped every year. A number of tools exist to easily build an online shop and market products, but when it comes to the post-payment customer journey, there are significant gaps, Outvio said.
“We can give any online store all the tools needed to offer a superior post-sale customer experience. We can integrate at different points in their fulfilment process, and for large merchants, save them hundreds of thousands in development costs alone,” said Juan Borras, co-founder and CEO of Outvio.
Tallinn-based Outvio has been completely self-funded since its launch in early 2018. In 2020, Outvio grew its revenue by over 500%.
“It’s no secret that e-commerce is growing fast, but it still accounts for only about 20% of global retail. While online retailing has a long way to go, the expectations of consumers are increasing when it comes to delivery time and standards,” said Rait Ojasaar, Investment Partner at lead investor Change Ventures.
Also TMT Investments (London), Fresco Capital (San Francisco), and Lemonade Stand (Tallinn), as well as several angels, including James Berdigans (Printify) and Kristjan Vilosius (Katana MRP), participated in the round.