Firms acquiring successful brands on Amazon have attracted nearly $15 billion in capital raised. They are known as Amazon seller aggregators. The market had a breakout year in 2020 because of three factors: the pandemic accelerating spending on Amazon, Thrasio raising hundreds of millions of dollars, and Anker, an Amazon-native brand, going public.

There are 99 active Amazon aggregators. 56 aggregators have announced funding rounds, of which 32 raised at least $100 million. Most aggregators are based in the United States; however, there are also companies operating in Belgium, Canada, China, Finland, France, Germany, India, Israel, Japan, Luxembourg, Mexico, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, The Netherlands, Turkey, UAE and United Kingdom.

The capital pouring in is validating the Amazon marketplace as something serious. The businesses that sell on Amazon have grown mainly relying on measurable demand, controllable unit economics, and the predictability the data-rich marketplace provides through tools like Jungle Scout, Helium 10, and others. The firms rolling up those businesses use the same principles to evaluate and value them and grow them post-purchase. The types of companies those firms are looking to acquire are most often private-label sellers that use Amazon as one of their primary sources of distribution (some are also looking at brands using Shopify). There is no demand for resellers, nor do other marketplaces play a significant role.

• May 2022. Ecommerce Rollup Platform Evenflow Raises $5 Million In Pre-Series A Round
• April 2022. Wholesum raises $50M Series A to roll up third-party sellers on e-commerce platforms
• April 2022. Swedish e-commerce aggregator Go North raises 77.5M SEK in seed round
• March 2022. The Mothership Raises $22 Million Funding to Drive eCommerce Rollup Strategy
• March 2022. Elevate Brands Adds A New $400m Credit Facility
• March 2022. Moonshot Brand Raises $180M
• March 2022. UpScalio Raises $15 Mn From Gulf Islamic Investments, Others
• March 2022. Flummox raises $13 million in a mix of equity and venture debt
• March 2022. Spanish aggregator Yaba raises €75 million
• March 2022. Society Brands Raises $204M Led by i80 Group in First Institutional Capital Raise
• March 2022. Dragonfly Receives Significant Investment from L Catterton’s Flagship Buyout Fund
• March 2022. Riogrande takes in $12 million in seeding funding to incubate Latin America’s next local brands
• February 2022. Valoreo Announces $80 million Series B Investment Led by L Catterton
• February 2022. Korean internet giant Naver backs e-commerce aggregator New Vessel in seed round
• February 2022. Boosters, Korean Brand Aggregator, Raises USD 10 Million as Its First Investment Since Founding
• January 2022. Growve Raises Another $225 Million
• December 2021. GlobalBees Enters Unicorn Club With $146 Mn Funding Led By SoftBank, FirstCry
• December 2021. BrandHero raises $5 million Seed round
• December 2021. Berlin-based SellerX has raised $500 million in new debt and equity financing
• December 2021. Merama Hit a $1.2 Billion Valuation Following a New $60 Million Follow-On Investment
• December 2021. Opontia gets $42M to buy more e-commerce brands in Eastern Europe, Middle East and Africa
• December 2021. Chinese Amazon Aggregator Nebula Brands Raises $50M Series B Led by L Catterton Asia
• December 2021. Markai raises $4M from Pear VC, Sea Capital and others to buy Chinese e-commerce brands
• November 2021. Amsterdam-based Accel Club raised a $170 million Series A
• November 2021. Forest bags $8M seed round to acquire Japanese e-commerce brands
• November 2021. E-Commerce Aggregator Benitago Group Raises $325 Million
• November 2021. Berlin Brands Group Raises $100 Million
• November 2021. Gravitiq raises $55 million Seed round
• November 2021. Heyday raises $555M to buy up and scale more D2C brands on the Amazon marketplace universe
• November 2021. India’s Mensa Brands raises $135 million Series B
• November 2021. Elevate Brands scores $55 million cash infusion to continue growth
• November 2021. Berlin’s Razor Group raises $125M at a $1B+ valuation
• November 2021. Una Brands raises $15M Series A five months after its launch
• October 2021. Thrasio Raises $1 Billion in Funding Led by Silver Lake
• October 2021. Profound Commerce raises $53 million to acquire and turbocharge e-commerce brands

Amazon-dependency is both the most significant risk and the fuel that powers those firms. But there are dozens of additional challenges yet to be resolved. For example: transferring the scrappiness of a one-person seller to an employee of a firm, long-term risk of brands on Amazon, building a brand vs. being operationally efficient, buying brands vs. building brands in-house, avoiding suspensions, and others. Money for most of those firms came first; they will spend the next year figuring out the model that could work and scale.

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