Magaloop announced completing a €5.9 million round led by Redalpine.
Magaloop, a Berlin, Germany-based startup building a marketplace for independent retailers, announced securing a €5.9 million ($7M) capital funding round.
Magaloop, founded in 2018 by Michael Högemann and Uwe Hölzer, developed a solution that aims to connect conveniences stores with physical presence. The solution digitizes the ordering process of independent stationary retailers, including kiosks, bakeries, gas station stores and late-night stores, connecting them with wholesalers and FMCG manufacturers. The company enables retailers to order goods quickly and transparently, thus reducing errors.
Magaloop has about 2,000 dealers in its network, which corresponds to a transaction volume of over €70 million. Wholesalers and FMCG partners include Red Bull, Veltins, Voelkel or Diageo.
Magaloop previously raised a pre-seed round in 2020.