Hive Technologies, a European operations platform for commerce brands, has secured €28.2m ($30.2m) in its Series A extension round.
Preempted by venture capital company Earlybird, the investment round saw participation from various existing investors including Tiger Global, alfa8, and Picus Capital.
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Additionally, Hive secured around €10m in venture debt from Atempo Growth.
Hive plans to utilise the recently secured funds to enhance its growth and product development initiatives, aiming to achieve profitability within the coming year.
Additionally, the company will use the funds to enhance its support for independent commerce brands and reinforce its existing position in the European market.
Founded in 2020, Hive focuses on streamlining commerce operations by integrating technology with a network of operations providers.
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By GlobalDataThe company claims that its services can save brands an average of 17% on operational costs and potentially boost revenue by up to 24%.
Hive’s platform encompasses fulfilment, delivery, and post-purchase experiences.
Notable features include multi-channel inventory and order management, personalisation tools, intelligent carrier selection, as well as a consumer-facing tracking and returns solution.
Hive’s proprietary Warehouse Management System and Transport Management System are central to its operational and extensive feature offerings.
The past year has seen Hive introduce features such as Delivery Promise, which has helped brands enhance their conversion rates by up to 30% by providing accurate delivery date estimates.
Strengthening its executive team, Hive appointed David Lagarde as chief operating officer, Tobias Eppler as chief growth officer, and Lukas Klinser as chief product officer.
Hive’s geographic footprint also expanded to include France, Germany, Spain, Italy, and the UK.
Hive co-founder and CEO Oskar Ziegler said: “We are seeing enormous potential to make commerce operations better for everyone, including brands, consumers, and our operational partners. This investment is a strong vote of confidence in our progress so far and opportunity ahead of us.
“With this additional funding, we’re looking forward to creating more impact for even more brands across Europe.”
