Estonia-based start-up Eurora
, which develops an e-commerce suite of customs compliance tools, announced completing a financing round of $3 million.
The investment will be used to expand the coverage of Eurora's e-commerce suite of customs compliance tools across 193 countries. Its powerful AI and 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. The company can also act as the fiscal representative for all cross-border transactions for non-EU sellers shipping products to EU customers.
This investment round was led by Change Ventures
which was joined by top angels including the founders of Printful, 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. The company’s early investors include industry insiders like Roger Crook (former CEO, DHL Global Forwarding) and Taavi Kotka (former CIO for the Government of Estonia).
The company’s focus is currently on Chinese platforms which represent over half of the world’s e-commerce volume. It has 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.
Read more about the investment at Change Ventures' blog: