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Lemonero, an ecommerce lending startup from Czech Republic, has raised over 10 million euros in seed capital. With the funds, the company wants to expand into several European countries. Lemonero currently works with hundreds of online stores in Eastern Europe.
Lemonero, founded in 2019, provides funds to small and medium ecommerce businesses. In addition, the startup offers data-insights to merchants for predicting cash flow and monitoring their financial health. The ecommerce investor has funded tens of millions of euros in loans to date.
With the funding, Lemonero plans to expand into new European markets. France is first on the list, followed by the Netherlands. Eventually, the startup is eyeing the DACH region and more Eastern European countries as well.
The company works with hundreds of online stores in Eastern Europe.
The company currently works with hundreds of online stores in Czech Republic and Slovakia. Eastern Europe’s ecommerce market has been growing rapidly, outpacing many surrounding countries where growth is slowing down.
According to Lemonero, 60 percent of ecommerce businesses fail due to a lack of capital. Through the startup, ecommerce entrepreneurs can apply for short term loans of up to 500 thousand euros.
60% of ecommerce businesses fail due to a lack of capital.
The core business of the Czech company, though, is data-driven financing. With permission of the applicant, the service plugs into the online store and its payment service provider or ecommerce platform. By doing this, the lender can make a detailed data analysis of the company’s financial performance, marketing performance and even stock levels.
‘We believe in our future success in Europe’
“We are able to make the path to growth capital more accessible and easier for small and medium-sized companies by using artificial intelligence”, founder and CEO Jan Laštůvka says. “Our customers can arrange financing in ten minutes, completely online and use the money immediately to inventory purchase or marketing investment.”
“We make growth capital more accessible through artificial intelligence.”
He adds: “More than 70% of our clients repeatedly return to us, and that is the key indicator of quality and satisfaction. That is why we believe in our future success in Europe.”
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