DEAL TALKS: Yrjö Ojasaar of Change Ventures talks about leading the $3 million seed investment round to Eurora
Recently our member Change Ventures led the $3 million seed investment round to Estonia-based start-up Eurora, which develops an e-commerce suite of customs compliance tools. EstVCA DEAL TALKS asked a few questions from Yrjö Ojasaar, Founding Partner of Change Ventures, to hear a bit more about the company and its plans.
1. What makes Eurora unique?
A few words on their uniqueness/competitive edge?
Euroras key advantage is the industry-leading technology combined with unparalleled customer support. AI/ML engine was built by a top-notch tech team that also brought in the brightest minds from TalTech and STACC. Two years of work resulted in an engine that was trained on 500 million product descriptions that can handle hundreds of thousands of eCommerce transactions per hour. When this was combined with Chinese language tech and customer support the offering was the best cross-border eCommerce solution in the world for Chinese customers selling products to Europe.
2. How is the investment used?
What are they aiming to achieve with the investment now on board, e.g., name key milestones for the next 12 months?
Successfully onboarding a long list of customers to reach 1 million MRR by Q1. 2022.
Releasing a B2C product that will bring the power of the Eurora engine to consumers - so that anyone can make a package declaration with just a few mouse clicks.
3. Impact and diversity
How do you assess the impact of their business and how diverse is the team?
Eurora's diverse team is now over 50 people, men and women from over 10 different nations. Euroras focus on Asian clients is underscored by its Chinese office and support personnel that offer the industry-leading support for the clients.
Key advisors of the deal
Cobalt was the legal advisor for the deal.
- Read more on the investment:
https://changeventures.medium.com/why-change-ventures-invested-in-eurora-97d7a0489b62