Eurora’s AI platform: helping merchants to “significantly improve compliance”
Estonian Artificial Intelligence/machine learning cross-border e-commerce compliance platform, Eurora, has secured $40 million in Series A funding.
The oversubscribed financing round was led by Amsterdam-based Connected Capital alongside existing investors, including Change Ventures, Equity United and Eurora’s founder Marko Lastik.
Prior to this, the company raised $3 million funding in July 2021. This round is said to be one of the largest Series A financing rounds raised by Estonian startups.
Marko Lastik, founder and CEO, Eurora Solutions, said: “The number of different declarations, codes, reports, records and tax calculations required in the international shipping business is ever increasing. Without the correct data sets and automated solutions for tax calculations and electronic declarations, cross-border trade has slowed down, resulting in severe delays, fines, increasing costs and loss of customers. By using Eurora’s platform, merchants can make deliveries faster and at lower costs, which results in increased customer satisfaction and trust.”
Shaffy Roell, investment manager, Connected Capital, added: “We have seen a clear push from regulators to improve transparency and reporting for the increasing number of goods that enter through customs. Eurora has built a platform which is significantly improving compliance while reducing package delays and lowering costs for e-commerce parcels shipped into Europe.”