Magaloop announced completing a €5.9 million round led by Redalpine.

Switzerland Germany United Kingdom United States Poland 07 March 2021

Magaloop, a Berlin, Germany-based startup building a marketplace for independent retailers, announced securing a €5.9 million ($7M) capital funding round.

The money was raised from a range of local investors led by Redalpine and including Atlantic Foodlabs, Piton Capital, Market One Capital, Bitburger Ventures and FJ Labs.

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.

Total investments received (USD): 7.02M