- Lithuanian delivery startup Ziticity has raised 2.2 million euros ($2.5 million) in a seed funding round.
- The startup specializes in last-mile deliveries and wants to help smaller, local retailers compete with the likes of Amazon.
- Laimonas Noreika, cofounder and CEO of Ziticity, said: "To have a fighting chance with global tech giants that are building monopolies in e-commerce and restaurant delivery space, we have been able to build a direct service for local merchants to compete locally."
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Lithuanian delivery startup Ziticity has raised fresh funding to help local shops compete with Amazon and continue its European expansion.
The company raised 2.2 million euros ($2.5 million) in a seed funding round led by NordicNinja VC.
Founded in 2017, Ziticity specializes in last mile deliveries. The company's data suggests that 60% of last-mile deliveries are carried out within a 5km radius of the pickup location.
Since these deliveries are short, couriers are able to use a wide range of transportation including cars, scooters, and bicycles.
"Local e-commerce cannot compete on product price with Amazon and Alibaba. To have a fighting chance with global tech giants that are building monopolies in e-commerce and restaurant delivery space, we have been able to build a direct service for local merchants to compete locally." said Laimonas Noreika, cofounder and CEO of Ziticity.
The company claims to be have been growing 22% month over month ever since its launch, with a 44% revenue increase during COVID-19.
Ziticity's fundraising was initially derailed by the pandemic, according to Noreika.
The company had been fundraising for weeks before COVID-19 hit, causing a number of investors to pull out of the process.
"When the COVID-19 lockdown started to affect the economy, some of the investors wanted to use a potentially bad situation for the company. They tried to pressure us with the unfavourable demands. For example, one investor wanted to reduce the company's valuation by 40%," Noreika said.
"A few weeks passed and delivery services became the Holy Grail of everything. So then, not only did those investors, who first pulled out, came back, but we also got quite a few cold emails from other investors"
The startup also received backing from Japanese companies such as JBIC, Honda, Omron, and Panasonic. Other investors included SuperHero Capital VC, Practica Capital, Startup Wise Guys, and Superangel VC.
Ziticity currently operates in France and the Baltics but will use this funding to scale its operations to several more European countries in the coming months.
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