By Alexander Maasik
We at Eurora are happy to announce that we have closed a $3 million seed investment round to expand the coverage of our e-commerce suite of customs compliance tools across 193 countries.
Eurora’s powerful AI/ML engine dynamically assigns to e-commerce product transactions an appropriate HS code (standardized numerical method of classifying products), calculates the appropriate VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes. Eurora can also act as the fiscal representative for all cross-border transactions for non-EU sellers shipping products to EU customers.
Eurora is already processing over 100,000 e-commerce transactions per day, and volume is expected to increase to over one million transactions per day by the end of 2021.
We have already on-boarded major clients like UBI and TopYou (largest e-commerce logistics providers in South China), Yanwen (ranked in the top three cross-border e-commerce logistics providers in China), JD.com (one of the largest marketplaces in the World), and AIECOMS (large Association of Chinese cross-border e-commerce businesses).
Together they represent over one million Chinese e-commerce companies.
Eurora is a cutting-edge platform.
Eurora’s founders, with more than 30 years of experience in logistics, in partnership with several universities, have built a cutting-edge platform that modernizes and automates these bureaucratic processes.
The AI/ML engine has been trained on over 500 million product descriptions, allowing the AI to automatically handle 5000 requests per second with up to 96% accuracy. This is the highest level of accuracy, speed, and automation available on the market.
Eurora’s one-stop solution is especially significant for international e-commerce players considering the dramatic changes in EU trade rules which came into effect on July 1, 2021. The new regulations will increase the number of customs declarations by more than 900% as billions of new declarations must be submitted and processed. All goods entering the EU must be declared in customs and all orders will now be subject to VAT. EU nations are strongly motivated to enforce the new rules as they are expected to result in over € 10 billion in additional tax revenues for member states.
This investment round was led by Change Ventures which was joined by top angels including the founders of Printify, Artis Kehris and Janis Berdigans, and founder of KatanaMRP, Kristjan Vilosius. To date, Eurora Solutions has raised over €10 million in investments and research grants. Eurora’s early investors include industry insiders like Roger Crook (former CEO, DHL Global Forwarding) and Taavi Kotka (former CIO for the Government of Estonia).
Eurora and Change Ventures
Eurora is a rapidly growing tech company that offers compliance solutions for the regulatory challenges of cross-border trade.
We deliver critical services to logistics providers, postal operators, and e-commerce sellers. These services include HS code allocation, duty and tax calculations, electronic declarations, and label & tracking.
Change Ventures is a venture capital investment fund that backs ambitious Baltic founders. They have more than 45 years of operating experience between their partners. They aim to provide a founder-friendly, fast, and efficient investment process, and their portfolio includes Veriff, Interactio, and other Baltic unicorns in the making.
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