Previously in 2022, to simplify and accelerate global trade, the company has opened an office in the UK and expanded to the US. Its AI/ML-based platform is designed to automate taxes, compliance, and customs, as well as duty-free services through an easy API integration. The appointment of a new CEO for the regional APAC operations will see the company focusing on solving compliance problems for global shippers, ecommerce marketplaces, and logistics businesses.
As Australia and New Zealand reopened their borders after the complete COVID-19 shutdown pandemic, SMEs and bigger companies alike have seen an opportunity to scale their sales by entering these local markets.
At the same time, ecommerce has been blooming, with millions of customers across the two countries willing to continue doing most of their shopping via online platforms and marketplaces, rather than brick-and-mortar stores.
In terms of numbers, the expansion in the region will see rapid growth and new business potential fur Eurora.
Currently, the EU is New Zealand’s third largest trading partner, accounting for little under 12% of total trade. The country’s exports to the Euro zone are largely dominated by agricultural goods, while New Zealand mainly focuses on the import of manufactured goods.
By establishing a global platform, Eurora ensure that its proprietary AI-powered ecommerce compliance solution will add value, while also lowering the costs for companies and consumers across the industry and capitalising on this opportunity.
The company closed its Series A funding round in April 2022, managing to gather USD 40 million. As announced at the time, the funds were used for product development, acquisitions, and geographical expansion. Since then, it has opened offices in various locations, including Dubai and Estonia.
Eurora’s platform is used by online seller, marketplaces, and postal companies to automatically create electronic declarations for duties and taxes through simple API integration. Using AI/ML technologies, the company manages to automatically process over 5,000 requests per second with up to 98% accuracy.
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