Funding Roundup: Ace Turtle, ...

Funding Roundup: Ace Turtle, Chargel, Eighty6 and Others Close Early-Stage Deals

May 05, 2023

It has been a great couple of weeks for startups in the e-commerce, logistics and supply chain space. In this week’s Ecosystem Funding Roundup, we are thrilled to feature 6 of their notable achievements:

Chargel Seed Funding

Chargel, a startup that matches shippers with transporters by digitizing previously offline processes, secured $2.5M in a seed round led by Logos Ventures. The company's early clients include some of the world’s largest shipping firms, such as Maersk and Grimaldi. “This year we are opening up the platform to more shippers in Senegal. We are also looking at expansion to one other Francophone African country,” Co-founder Moustapha Ndoye told TechCrunch.

  • Year Founded: 2020

  • Founder(s): Moustapha Ndoye and Alioune Ndoye?

  • Location: Dakar, Senegal

  • Latest Funding: $2.5M Seed

  • Lead Investor(s): Logos Ventures

Foundation Seed Funding

Led by former Staples exec Shiv Agarwal, Foundation is on a mission to simplify e-commerce between brands, distributors, wholesalers and retailers by replacing traditional transaction facilitators such as PDF product catalogs and complex Excel order forms. The Seattle-based startup recently raised $3M in seed funding to bolster the growth of its wholesale platform, with participation from Founders’ Co-op, Ascend VC and a few others.

  • Year Founded: 2022

  • Founder(s): Shiv Agarwal

  • Location: Bellevue, United States

  • Latest Funding: $3M Seed

  • Lead Investor(s): Undisclosed

Ace Turtle Series B Funding

Indian e-commerce solution provider Ace Turtle announced a $34M Series B featuring a mix of new and existing investors including Vertex Growth, Tuscan Ventures and InnoVen Capital. According to CEO Nitin Chhabra, the funds will help to develop technological tools for seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support its aggressive growth plans.

  • Year Founded: 2013

  • Founder(s): Berry Singh and Nitin Chhabra?

  • Location: Bangalore, India

  • Latest Funding: $34M Series B

  • Lead Investor(s): Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital

Luca Seed Funding

Often described as a “pricing co-pilot for enterprise retailers”, Luca is a San Francisco-based company that leverages AI to identify revenue and make recommendations for price adjustments. Armed with $2.5M from the seed funding round led by Menlo Ventures, the company is looking to grow its data science and engineering teams to support more retailers on its platform.

  • Year Founded: 2022

  • Founder(s): Tanvi Surti and Yonah Mann

  • Location: San Francisco, United States

  • Latest Funding: $2.5M Seed

  • Lead Investor(s): Menlo Ventures

Coldspace Seed Funding

With its headquarters in Indonesia, Coldspace is a startup that offers integrated supply chain management services for frozen and chilled products. The end-to-end cold chain system provider currently manages 3,000 tons of cold storage capacity and 20 reefer trucks across several Indonesian cities. Earlier this week, Coldspace closed a $3.8M seed round, which will enable it to scale up its capacity and area coverage in the coming months.

  • Year Founded: 2022

  • Founder(s): Arnold Giovanni, Ivan Liadi, David Loei and Jan Sunaryanto

  • Location: Jakarta, Indonesia?

  • Latest Funding: $3.8M Seed

  • Lead Investor(s): Intudo Ventures, Triputra Group and ASSA

Eighty6 Seed Funding

B2B e-commerce platform Eighty6 bagged $3.7M in seed funding to enhance its technological capabilities and expand its operations in the region. The financing round features Sanabil 500 MENA Seed Accelerator Fund along with GCC family offices and a few other investors. Founded in 2021, Eighty6 currently operates as a marketplace to facilitate communication and fulfillment between suppliers and buyers in the food and beverage sector.?

  • Year Founded: 2021

  • Founder(s): Abdul Kader Saadi and Anwar Nusseibeh

  • Location: Dubai, United Arab Emirates

  • Latest Funding: $3.7M Seed

  • Lead Investor(s): Sanabil 500 MENA Seed Accelerator Fund

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