Torg, a Berlin, Germany-based B2B startup digitizing product sourcing to bring buyers and suppliers together, has raised an oversubscribed €2.7 million in seed funding.
Investors
The round was led by Connect Ventures, with participation from existing investor FoodLabs and new investors, including Sondo, Ventures Together, Sameer Singh, and Jonas Meynert (co-founder of Lanch).
Founded in 2011, Connect Ventures is a venture capital investment firm based in London, United Kingdom. The firm prefers to invest in B2B, SaaS, financial technology, consumer software, and digital health sectors.
Torg Use of Funds
The oversubscribed €2.7M Seed round will fuel Torg’s platform development, expansion of the supplier database, and the creation of more “intuitive” tools to streamline sourcing processes.
About Torg
Founded in 2022 by Hans Kristian Furuseth, Ben Holdham, and Rita Kerbaj, Torg is a B2B startup focused on digitizing product sourcing to facilitate connections between buyers and suppliers. They have developed an AI-powered platform that simplifies supplier discovery, communication, negotiation, financing, and verification for private label and food service projects. The company boasts a network of over 100,000 verified food & beverage suppliers in Europe. Utilizing machine learning and AI, Torg efficiently collects and analyzes data to identify, verify, and vet suppliers, providing comprehensive supplier profiles and capabilities.
Funding Details
Company: Torg GmbH
Raised: €2.7M
Round: Seed Round
Funding Month: April 2024
Lead Investors: Connect Ventures
Additional Investors: FoodLabs, Sondo, Ventures Together, Sameer Singh, Jonas Meynert
Company Website: https://usetorg.com/
Software Category: Product Sourcing
Source: https://siliconcanals.com/crowdfunding/torg-raises-2-7m/