Frisbo marks another major milestone in its journey: closing our Seed funding round of $2 million. The investment was led by the Bulgarian venture fund Eleven Ventures, alongside all of Frisbo’s existing investors Gapminder VC, Roca X and Neogen.
Thank you all for believing in us and thank you, Frisbo team, for making it happen!
Here you have our official press release for the full story:
Frisbo, the Romanian fulfillment start-up, attracts $2 million investment to expand its European fulfillment network
Bucharest, 25 November 2021 - Frisbo, the startup for online sellers that offers simplified, cheaper order fulfilment through a pay-as-you-go service that handles the storage, packaging and delivery of their online orders, has attracted an investment of nearly $2 million in a round led by the Bulgarian investment fund Eleven Ventures, with participation from GapMinder Ventures, RocaX and Neogen.
Frisbo's network currently includes more than 20 logistic centres in Romania, Hungary, Slovakia, Bulgaria, Poland, Germany, the Czech Republic, the Republic of Moldova and Chile, serving more than 200 online retailers and integrating with the all major e-commerce platforms and marketplaces in the region, like Shopify, WooCommerce and Magento or Allegro, eMag, Amazon and Channeladvisor. By providing online merchants with an integrated network of warehouses, Frisbo solves the problem of scaling online stores in the region, making neighbouring and remote markets easily accessible.
"The funds attracted in this new financing round will mainly help us to continue our expansion plans in Europe and beyond, especially at a time when global e-commerce is experiencing unprecedented growth. Currently, we are the largest European Next Day delivery e-fulfillment network and we want to consolidate this position", said Bogdan Colceriu, founder of Frisbo.
Frisbo's clients include companies such as the official representative of Xiaomi in Romania and Hungary (www.mi-home.ro and www.mi-home.hu), Bitdefender, Aosom, Morphy Richards, foodpanda, Meli Melo, and Intercars.
“Although EU countries are part of a single market, there is still large fragmentation when it comes to cross-border e-commerce. 90% of online stores in the EU don't sell beyond their home country's border. We believe that the team of Frisbo has already discovered what the future of e-commerce logistics looks like and they are tackling this big issue affecting a great amount of online merchants. The team is strong with a well-rounded skill set and experience with a proven track record of building successful companies. We are very excited to share this adventure ahead with the founders and support the company in its growth journey” comments Valeri Petrov, Partner at Eleven Ventures.
Founded by Bogdan Colceriu, Laura Frîncu and Vlad Tarziu, Frisbo raised its latest investment in 2019 worth €1.2 million in a round led by GapMinder Venture Partners.
About Eleven Ventures
Eleven Ventures is one of the leading early-stage VCs in Southeast Europe, investing in startups since 2012. With 150 collective investments over 9 years, Eleven’s team has been instrumental in catalyzing the regional startup ecosystem. Eleven supports tech companies in five priority verticals - Fintech, Healthcare, Future of Work, Future of Food and Ecomtech. Some of the startups which Eleven has backed include Payhawk, Gtmhub, Dronamics, SMSBump, Kanbanize and Nitropack.
About GapMinder Venture Partners
GapMinder is a €50 million venture capital fund that invests in fast-growing international technology companies created in Romania and Central Europe at Seed or Series A stage. GapMinder Partners take a hands-on approach as investors, helping companies grow through strategic advice and direct involvement in the operational organization, corporate governance and financial discipline. GapMinder's portfolio includes companies such as FintechOS, TypingDNA, SmartDreamers, Deepstash, Frisbo or Planable. GapMinder is mostly co-financed through the Competitiveness Operational Programme 2014 - 2020.