A Luxembourg startup helping to remove the pain of scaling up for digitally native businesses has raised a seven-figure sum in pre-seed investment.
Gonuggets, which was founded in 2022 by former employees of e-commerce giants Amazon and Jumia, announced the news in a press release on Thursday.
The funding round was led Digital Tech Fund, managed by Expon Capital, who were joined by a syndicate of angel investors from Europe and the US. These included tech entrepreneur Alain Tingaud, the Luxembourg Business Angels Network, Purple (led by Laurent Ritter, founder of Voodoo), Khalid Zitouni (former Motorola and SoftBank executive) and Didier Valet (former deputy CEO of Société Générale Group).
Gonuggets says it is the “first AI-enabled accelerator for Digitally Native Brands (DNBs) in EMEA, helping them effortlessly scale their businesses across channels and boost profits from day one.”
Founded by Mamoun Benkirane and Mekki Mouaddeb, Gonuggets acts as a strategic partner for brand owners. In the words of Expon Capital Principal Owen Reynolds, their method “leverages the brand’s sourcing expertise to unleash siloed inventories across platforms.”
Mouaddeb further explained: “Our robust supply chain network lets us ensure a 1-2 day delivery time for 80% of the demand across major European cities. Our proprietary technology also helps us to scale and optimise our operations, to nurture the relationship with brands while getting the best products with the healthiest margins under our umbrella.”
Digitally native brands are growing at triple the rate of overall ecommerce, according to a 2021 McKinsey report. Their strength lies in the fact that brand owners “know exactly who their customers area, what online behaviour led them to their initial contact with the brand and what they are likely to buy next,” the report outlines.
Benkirane says that Gonuggets’ removes any pain points of these brands may encounter, allowing them to “focus on what they are the most passionate about, building their products.”
He adds: “If 2020 was the year of e- commerce aggregators such as Branded, Perch, SellerX and others, operating in a hyper competitive market, 2022 will be the year of value-adding e-commerce accelerators.”
“This proven team from top publicly-traded e-commerce companies has now created the plumbing for DNBs to scale beyond where they are today,” concludes Owen Reynolds.