Hive Technologies, an European operations platform for commerce brand, has raised EUR28,2m ($30,2m) as part of its Series A extension round.
The investment round was preempted by venture-capital company Earlybird and saw participation from existing investors such as Tiger Global, alfa8, Picus Capital, and others.
Atempo Growth also provided Hive with around EUR10m of venture debt.
Hive intends to use the recently secured funds for its growth and product-development initiatives, with the aim of achieving profitability within the next year.
The company will also use the funds for a greater support of independent commerce brands, and to strengthen its position on the European market.
Hive, founded in 2020, focuses on streamlining commerce by integrating technology and a network of providers.
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The company claims its services can help brands save an average of 17% in operational costs, and increase revenue by as much as 24%.
Hive’s platform includes fulfilment, delivery and post-purchase experiences.
Notable features include multichannel inventory and order tracking, personalisation tools and intelligent carrier selection.
The proprietary Warehouse Management System (WMS) and Transport Management System (TMS) are at the core of Hive’s operational and extensive feature offering.
Hive has introduced features like Delivery Promise in the past year. This feature has helped brands increase their conversion rates up to 30% by estimating accurate delivery dates.
Hive strengthened its executive team by appointing David Lagarde chief operating officer, Tobias Eppler chief growth officer and Lukas Klinkser chief product officer.
Hive’s geographic footprint has also expanded to include France and Germany, as well as Spain, Italy, the UK, and France.
Oskar Ziegler, Hive’s co-founder and CEO, said: “We see enormous potential to improve commerce operations for everyone, including our operational partners, brands, consumers, as well as our operational partners. This investment is a vote of confidence for our progress and the opportunities ahead.
With this additional funding, I’m looking forward to creating a greater impact for more brands in Europe.