Plato lands $6.5 million in pre-seed funding as German firm looks to transform $53 trillion wholesale industry
Plato, a Berlin-based AI powered ERP automation platform for wholesale distributors, has announced the closing of a $6.5 million pre-seed funding round.
This was led by Cherry Ventures, with additional backing from the German government and C-level angels from Microsoft, SAP, NVIDIA, Celonis, Personio, Sennder, and Forto.
Plato says that it is well positioned to lead the AI transformation of the $53 trillion global wholesale industry.
Its platform integrates with existing ERP systems, offering two core functionalities, sales intelligence and workflow automation.
“Plato is the all in one platform where distribution sellers thrive,” says Benedikt Nolte, CEO at Plato.
“We embed AI into daily workflows, turning reactive sales teams into proactive, data driven sellers. Our solution transforms how distributors engage with their data and automate their processes, unlocking new levels of profitability for our clients.”
Plato was founded by Nolte, Matthias Heinrich, and Oliver Birch to support Nolte’s wholesale family business on the brink of closure, due to high competition, inefficient sales processes, and outdated ERP systems. They set about building a company that uses AI to future-proof the industry and help wholesalers like Nolte’s family firm navigate the current crisis.
“Plato's product aligns perfectly with Cherry's core AI thesis of augmenting the modern workforce”, says Jasper Masemann, Partner at Cherry Ventures.
“We spoke to countless teams across Europe, but only the exceptional team of Plato had the industry knowledge and technical capabilities to build a product for the massive market of wholesalers that will give them a decisive advantage over their peers.”
“While Plato’s product vision is undoubtedly ambitious, we put our full capital commitment into them to support their growth into a long-term global leader and European success story.”
Plato claims to have tripled its client base in the past year and onboarded several of Germany's largest distributors. Early adopters, like Layer Grosshandel, report significant improvements in sales operations and reduced manual tasks.
The new funding will be used to expand Plato's team and scale its product across multiple large customers with thousands of sales representatives.
2024 RTIH INNOVATION AWARDS
AI is a key focus area for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.
The awards, sponsored by Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.
Key 2024 dates
Friday, 25th October: Award entry deadline
Tuesday, 29th October: 2024 shortlist revealed
30th October-6th November: Judging days
Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.
