French startup Angkor store Raised $ 283 million (€ 250 million) in a Series C funding round. Founded in November 2019, Ankorstore took about two years to reach a post-money valuation of $ 2 billion (€ 1.75 billion). The company operates a wholesale market for independent retailers across Europe.
Ankorstore allows independent brands to sell their products to independent retailers. These retailers can sell their products to their customers. This is a B2B2C play focused on offline sales at the end of the chain.
Ankorstore has everything from household items to maple syrup, candles, headbands, bath salts and stationery. Some industries are working particularly well, such as perishable groceries, cosmetology products, and household items.
And given the company’s trajectory, it’s working very well. Today, 200,000 retailers use the marketplace to procure 15,000 brands of merchandise. May 2021, Ankorstore Raised Series B, The company told me that it works in 50,000 shops and 5,000 brands.
This leads to today’s funding round. Bond and Tiger Global lead Series C. Eurazeo and Court also participated in the round. Some existing investors, such as Index Ventures, Bain Capital Ventures, GFC, Alven and Aglae Ventures, are investing more.
Not many companies compete in this area.Probably the best known wholesale market Fair, A US-based company Over $ 1 billion — Recently started Expansion in Europe.. Creoate When Orderchamp We also operate a wholesale market in Europe.
Ankorstore has teams in five countries: France, UK, Germany, Netherlands and Sweden. We sell our products in 23 European markets. Retailers can pay up to 60 days after ordering something and there are no hidden charges. Basically, Ankorstore helps retailers focus on curation and services while startups are in charge of procurement.
For brands listing products on the Ankorstore, a 20% reduction will be made on the first order through the Ankorstore, followed by a 10% reduction per transaction.
Some brands do business directly with large retailers such as department stores. Ankorstore also does not prevent brands from hiring sales representatives or going to trade fairs. The market is just a sales channel and another opportunity to find customers.
And this is the beauty of the wholesale market business model. Ankorstore has no warehouse and no inventory. The company only facilitates transactions between brands and retailers without capital investment.
“We think it’s closer to LinkedIn in terms of how it operates. It’s a network of experts that helps them connect with each other,” co-founder and co-CEO Nicolas Cohen told me. ..
And like all social networks, as the platform grows, there are some powerful network effects. In particular, Ankorstore expects to expand into new categories such as fresh food.
The startup has already signed a contract with UPS to help the brand ship. However, the company has not been very successful when it comes to warehousing solutions for small brands. This is another opportunity in the future.
With 400 employees and a large amount of money in their bank accounts, Ankorstore has the potential to serve as an integration layer for this highly fragmented industry.
Ankorstore reaches $2 billion valuation two years after launching its wholesale marketplace – TechCrunch Source link Ankorstore reaches $2 billion valuation two years after launching its wholesale marketplace – TechCrunch
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