Eany.io, a burgeoning Lithuanian startup that is crafting a B2B portal for trading electronics, household, and DIY merchandise, has clinched a €2 million investment in its fledgling stage. This financial backing comes from distinguished European investment entities Market One Capital of Poland and Practica Capital of Lithuania, as confirmed by details divulged to Finbold.
“In Europe, there are only a few platforms of this kind, and none specifically cater to the electronics, home, and DIY segments. Hence, this infusion of funds will expedite and refine our operational workflows, gearing up for anticipated expansion,” stated Mindaugas Apanavičius, one of the co-founders and the CEO of Eany.io.
A portion of the €2 million investment has been injected by the noteworthy Polish fund Market One Capital, recognized as one of the elite VC funds in Europe concentrating on trade platforms.
Marcin Kurek, the Managing Partner of Market One Capital Fund, articulates that while we are still in the nascent phase of the B2B marketplace evolution, the unfolding trends are crystal clear.
“We foresee that in the long run, every business sector will boast its own platform to attend to its diverse requirements: transactions, sales, logistics, payments, and more. This will overhaul numerous industries as we comprehend them today. This is why we chose to endorse the founders of Eany, aiding them in digitalizing a colossal, extensively fragmented, and predominantly offline industry,” stated Mr. Kurek.
Another participant in this funding round, Practica Capital, stands tall as one of the primary early-stage VCs in the Baltic region. The fund has invested in various Lithuanian startups like Ovoko, Eneba, and Billo, all of which are fashioning globally celebrated trading hubs.
“We are thrilled to partake in the drive to streamline the clutter and distance between brands and consumers. There remain substantial structural inefficiencies in accessibility, logistics, and warehousing, often exploited by entrenched intermediaries. We opine that the amalgamation of Eany’s founding team’s domain proficiency and technical adeptness forms a potent mix to erect a distinctive B2B marketplace that can accrue substantial value,” remarked Arvydas Bložė, Partner at Practica Capital.
Pursuing an unexplored market niche
As per the CEO of Eany.io, the startup is an intermediary B2B trading interface that aggregates stock data from manufacturers, distributors, and brick-and-mortar shops. This amalgamated data is centralized on the platform, with specific details being accessible to patrons, both physical outlets, and online stores.
“We have observed that prominent B2B platforms, the so-called “unicorns” like Ankorstore and Faire, emphasize collaborating with smaller manufacturers, whereas our concept revolves around enabling retailers to independently vend A-grade brands. The inclusion of such high-caliber brands in our repertoire renders us appealing to a broader clientele, and smaller producers are also given a showcase alongside A-brands. Patrons loyal to major brands tend to exhibit a strong loyalty to their providers, albeit their affordability expectations are heightened,” elucidated Mr. Apanavičius.
Drawing insights from several years of involvement in retail and wholesale markets, a representative of Eany.io underscores how A-brands serve as a catalyst to boost the sale of B-grade and proprietary label products. They added, “Hence, our current product assortment furnishes retailers with an additional avenue to allure fresh customers by concentrating on product promotion and online store presentation, while delegating product selection and procurement to our sales platform.”
Emphasizing that both suppliers and buyers stand to reap rewards from their evolving platform, Mr. Apanavičius underscores a focus on broadening the array of products within the electronics, homeware, and DIY niches.
“We not only assist suppliers in streamlining their warehouse operations but also in venturing into novel markets. European suppliers – be they manufacturers or retail establishments – are incorporated into the repository upon submitting product inventories in various, easily integratable formats. Within this repository, product listings are amalgamated, scrutinized, and disseminated to retail clients via API, while suppliers are furnished with insights about their product lineup,” disclosed Mr. Apanavičius.
Simultaneously, the merchandise buyers – ranging from physical stores to online vendors – are endowed with trade credits, benefiting from consolidated order logistics and a substantially extended product range. Such innovations empower each business associate to enhance their revenues and fortify their competitive stance in the fiercely competitive European retail landscape.
Million-euro Orders – A Triumph in the Inaugural Year
Presently, over 200 suppliers are leveraging the platform to furnish their data. The startup’s co-founder notes that this facet enables suppliers to generate supplementary income, accelerates inventory turnover, and aids in liquidating stagnant stock.
“Just this year, we have steered suppliers towards securing orders surpassing €9 million: this not only attests to the appeal of our evolving concept to customers but also serves as tangible proof of its tangible benefits. The product manufacturers we liaise with also enjoy perks – in exchange for the data shared, we shoulder the burden of coordinating logistics, overseeing customers’ trade credits, and more,” affirmed Mr. Apanavičius, the co-founder and CEO of Eany.io.
Insights into Eany.io
Eany.io represents a B2B trade platform spearheaded by the Lithuanian startup 1ean, UAB, connecting procurers, suppliers across a diverse range of products, and operators. The company’s mission centers on rectifying the inefficiencies ingrained in conventional B2B commerce by offering customers a centralized outlet for procurement, streamlining transactions, and widening the product accessibility for businesses spanning the expanse of Europe.
The quartet of co-founders comprises Mindaugas Apanavičius, Artūras Petkauskas, and Kęstutis Ramoskevičius – professionals with longstanding affiliations at UAB Sominis Technology and DistIT AB, bolstered by Antanas Kaselis, a seasoned veteran in programming and IT system development. The inclusion of an Employee Stock Ownership Plan (ESOP) equips both new and existing staff members with the opportunity to become stakeholders in the organization.
Image Source: Eany.io
