Romanian smart e-fulfilment platform Frisbo said on Monday it has received an investment of 1.2 million euro ($1.33 million) in a new financing round that put the startup’s market value at 6 million euro, it said on Monday.
Frisbo will use the funds to develop a self-service product level for retailers and to expand operationally by adding new halls to the portfolio, Frisbo said in a statement.
The platform operates halls in Romania, Hungary, Slovakia and Poland, from where it also served German customers.
“Contrary to the initial intuition, we are not looking for expensive purchases, rentals or new halls, but we want to reactivate existing unused spaces and incorporate them into the Frisbo system in order to facilitate retailers’ access to a more competitive resource of fulfilment,” Frisbo founder Bogdan Colceriu said.
The financing round was led by investment fund GapMinder Venture Partners with the participation of technology investment fund ROCA X.
Frisbo has quadrupled its market value in the last two years.
In May 2018, Romania’s Neogen Group acquired 20% of Frisbo for 100,000 euro. In 2017, Frisbo raised a first round of investment of 250,000 euro from Cluj investor Mircea Ilea.
The startup was founded in 2014 and offers complete e-fulfilment services from storage, pick & pack, billing, AWB issuance, courier delivery, and dedicated call center.
