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Juni, an e-commerce platform, has announced the raise of $21.5M in a Series A funding round, co-led by DST Global and Felix Capital. The company had only launched in 2020 and raised its seed round funding around November last year. The proceeds from this funding would be used in product development and hiring across teams
E-commerce banking platform Juni has announced the raise of $21.5 million in Series A funding co-led by partners of DST Global and Felix Capital. Cherry Ventures and other early investors participated in the round.
Juni, founded in 2020, raised its seed round funding around November last year, bagging €2 million ($2.5 million) from Cherry Ventures. With the close of Series A, the total amount raised by Juni stands at €20 million ($23.5 million), as per Crunchbase. In a statement to the press, Juni said that the proceeds would be used in product development and growing its team size to 100 from 28 in the next one year.
The company would hire from various fields, including sales, engineering, marketing, and branding, among others. For product development specifically, a set of features such as – automation of administrative tasks, a unified view of financials for ecommerce merchants, unique services to financially help digitally native companies grow their business – would be introduced, Juni said.
Juni aspires to revolutionize banking for those in the e-commerce business. Its platform offers a payment solution for digital entrepreneurs by integrating with thousands of banks and automating routine transactions in banking, thereby freeing entrepreneurs to focus on their business instead of managing-ad spending and other invoices.
Samir El-Sabini, co-founder and CEO of Juni, commented on the fundraising and stated that it marked a significant milestone in its mission. Stating that such financial backing at an early stage in Juni’s venture would help it double down on its product roadmap, he added,
DST has a proven track record of helping companies scale and exceptional operational expertise. Felix Capital has one of the industry’s most impressive track records when it comes to growing e-commerce related businesses into category-leading players. Their combined hands-on experience, coupled with the mentoring and follow-on from our original investors, is just what we need to give more financial freedom to our customers.Samir El-Sabini, co-founder and CEO of Juni
Investors at Felix Capital, Joseph Pizzolato and Susan Lin, commented on the funding and stated that Juni proved its potential to become the next big technology solution for merchants across the globe in just three months. Lauding their product, they added,
As investors, we look for signs of ‘customer love’ and ‘digital queues’ in all our investments, and a waitlist of over 3,000 SMEs for Juni’s product is as good as we’ve seen! We immediately connected with the team and we firmly believe in their vision. Their attention to detail and understanding of their customer’s needs puts them in an ideal position to win this market.Joseph Pizzolato and Susan Lin,