Geniemode, a tech-driven B2B cross-border sourcing platform for lifestyle goods including furniture and home accessories reported that it has received $28 million in Series B funding. This new round came within four months of closing $7 million in Series A funding.
Founded in May 2021, Geniemode works with home furnishings buyers in the US and Canada to streamline supply chains that originate in India and Southeast Asia. The company has created a tech platform that ensures end-to-end transparency all the way from product design through delivery. By leveraging AI and big data, the platform offers an insightful, transparent, and hyper-efficient way for businesses to work with the right suppliers.
Within less than a year of inception, Geniemode designed and introduced a fashion-forward furniture line at the High Point Market (IHFC Commerce building) and has established working relationships with 150+ manufacturers as well as many US-based furniture retailers.
The company has also deepened its logistics presence in Archdale, North Carolina to provide over 200 in stock SKUs, guaranteed to ship in just two days. Geniemode plans to increase that number to 1000 in next few months. A West Coast DC will open by end of 2022.
“To build an efficient supply chain,” noted , co-founder Tanuj Gangwani, “we are opening warehouses at strategic locations to facilitate quick delivery. We plan to have warehouses with massive storage capacity across USA in the coming year to better serve our customers.”
CEO & Co-founder Amit Sharma added, “This latest round of funding will allow us to multiply what’s already working for Geniemode. We will increase global visibility by adding new sales and operations offices across the USA, UK and EU. The United States is one of the key territories where onshore operations will be completely streamlined to solve supply-chain issues faced by retailers. Recent funding will further strengthen and expand our technology platform to empower businesses with innovative solutions. We feel privileged to have Tiger Global backing us on our journey and we are grateful to all of our investors for their faith they have shown in our vision.”
Griffin Schroeder, Partner at Tiger Global Management, commented, “Geniemode platform is poised to transform the global sourcing and supply chain for lifestyle goods by streamlining and providing cost transparency at every step in the design, manufacturing and delivery process. We are impressed with Genimode’s strong momentum and excited to partner with the team as they expand into new markets.”
About Geniemode: Geniemode is a B2B cross-border tech platform enabling global buyers to source reliably from suppliers across India & SEA. The company was founded by two seasoned professionals who have spent the last two decades at e-commerce companies like Limeroad, Fabfurnish and FashionandYou. Within few months from launch, Geniemode has seen impressive adoption from global buyers across US, UK, Europe and Australia. These buyers are reliably sourcing high-quality products from over 150 SMEs & large suppliers in India and SEA. For more information visit www.geniemode.com.