Starcart Receives €3.5 Million Investment

Finland-based e-commerce giant Starcart announced the successful completion of its seed funding round. The company received 3.5 million euro investment from leading Finnish angel investors led by Scandinavian early-stage investor Inventure and Business Finland. Starcart plans to expand its AI-powered shopping platform to customers across Europe with this investment.

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Starcart Receives Million Euro Investment

Starcart, the only integrated shopping platform on the market, offers consumers the ability to easily purchase products from multiple stores from a single interface. Starcart's fully automated and scalable platform uses artificial intelligence technology to find the best prices, availability and delivery times for more than 15 million products from more than 130 stores. It also automates the purchasing process on behalf of the consumer.

Starcart gives consumers the freedom to choose the products they want, reducing the burden of price comparison, stock tracking and payment transactions under one roof. Although Starcart is the only company to offer this model for physical products, it can be likened to platforms such as travel interfaces that allow consumers to find the best flight or hotel deals. Starcart has gained great momentum after its launch in Finland in 2022. In the last six months, sales volume has increased tenfold and has maintained double-digit growth on a monthly basis. The team that enables this growth consists of experienced e-commerce professionals.

The global e-commerce market is expected to exceed $3.6 trillion in 2023 and reach $5.6 trillion in 2027. The share of e-commerce in retail sales will be approximately one quarter by 2026. Starcart's AI-powered technology will enable it to capitalise on this growth potential. Starcart will expand its international reach by expanding into multiple new European markets in 2024 with the new investment. In addition, this fund will be used to develop the artificial intelligence-powered shopping platform and add hundreds of new stores to the platform. The €3.5 million investment also includes a €400,000 R&D loan from Business Finland.