Bogota based start-up Elenas raises USD 6 Million funds

Colombia based start-up Elenas has secured USD 6 million funds on 4^th of march, 2021 in a series A round led by Leo Capital.

Investors: The acquisition of USD 6 million funds took place in the series A funding round led by Leo Capital along with involvement from previous investors like FJ Labs, Alpha Ventures and Meesho.

What the funding is for: the fresh funding would be utilized for expansion of the organization’s international reach. According to sources the company is also aiming to develop and improvise their structure.

Founded Year: 2018

Founders: Thomas Harsch and Zach Oschin

About the company: Elenas is a privately held organization which operates under the consumer goods organization. Its headquarters is established in Colombia and has a work strength of around 11-50 employees. The company is also empowering micro- entrepreneurs to start online stores. Elenas is also aiming to develop the first social commercial stage for consumer products.

What the CEO has to say: “Elenas is essentially a reinvention of the direct sales catalog sales model which 11 million women participate in across the Latin America. The idea is that independent sellers/ entrepreneurs can browse a catalog of products in categories like beauty, personal care and electronics from more than 250 distributors and brands all available at a discounted price. They decide what they want to sell, how much they want to mark the price upland then promote the products on social channels like WhatsApp and Facebook.” — Zach Oschin, Co-founder of Elenas.

“Besides its digital focus Elenas is better for the resellers because there is less risk. We do not hold inventory for the company which is very different from the traditional direct sales and our entrepreneurs do not golf the inventory, nor do those entrepreneurs need to get involved in things like payment collection or delivery because Elenas and its distributor partners take care of all the logistics.” — Thomas Harsch, Co-founder of Elenas.

What the investors have to say: “Having seen the meteoric growth of social commerce in India and China we are excited to partner with Elenas as they have demonstrated the right product and operating model of the region. Elena’s team has built a solution which is inclusive, impactful and is well positioned for exponential growth. For us the goal is to provide this backend operating system which gives women everything they need to run their stores. We’ve been able to provide opportunities for tens of thousands of women to earn extra income.” — General Manager at Leo Capital.

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