Firms acquiring successful brands on Amazon have attracted over $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 98 active Amazon aggregators. 59 aggregators have announced funding rounds, of which 34 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.

CompanyHeadquartersCapital Raised
ThrasioWalpole, MA$3.4 billion
Berlin Brands GroupBerlin, Germany$1.3 billion
Razor GroupBerlin, Germany$972 million
PerchBoston, MA$908 million
HeydaySan Francisco, CA$800 million
SellerXBerlin, Germany$767 million
Elevate BrandsNew York, NY$592 million
DragonflyBoston, MA$500 million
MeramaMexico City, Mexico$445 million
GrowveSt. Petersburg, FL$400 million
Benitago GroupNew York, NY$380 million
Boosted CommerceLos Angeles, CA$380 million
Moonshot BrandsOakland, CA$340 million
UnybrandsMiami, FL$325 million
GlobalBeesNew Delhi, India$296 million
HeroesLondon, United Kingdom$265 million
Cap Hill BrandsSeattle, WA$250 million
Monolith Brands GroupNew York, NY$230 million
Mensa BrandsBangalore, India$218 million
Society BrandsCanton, OH$204 million
factory14Luxembourg$200 million
Accel ClubAmsterdam, The Netherlands$170 million
Olsam GroupLondon, United Kingdom$165 million
AcqucoNew York, NY$160 million
ValoreoMexico City, Mexico$160 million
Nebula BrandsBeijing, China$156 million
BrandedParis, France$150 million
Suma BrandsMinneapolis, MN$150 million
Forum BrandsNew York, NY$127 million
D1 BrandsNew York, NY$123 million
IntrinsicNew York, NY$115 million
DwarfsAmsterdam, The Netherlands$111 million
RainforestSingapore$101 million
FoundryAustin, TX$100 million
The Stryze GroupBerlin, Germany$100 million
G.O.A.T Brand LabsBangalore, India$86 million
Una BrandsSingapore$85 million
YabaBarcelona, Spain$83 million
OpontiaDubai, UAE$62 million
QuinioMexico City, Mexico$60 million
UpScalioGurgaon, India$57 million
GravitiqLondon, United Kingdom$55 million
Profound CommerceAustin, TX$53 million
WholesumSeoul, South Korea$50 million
eBrandsHelsinki, Finland$50 million
10clubBangalore, India$40 million
Go NorthGothenburg, Sweden$37 million
TCM DigitalHerzliya, Israel$28 million
RubiBrandsIstanbul, Turkey$23 million
The MothershipSt.Andrews, United Kingdom$22 million
Wonder BrandsMexico City, Mexico$20 million
FlummoxSwitzerland$13 million
RiograndeMexico City, Mexico$12 million
BoostersSeoul, South Korea$10 million
ForestTokyo, Japan$8 million
BrandHeroPraia Da Luz, Portugal$5 million
Evenflow BrandsMumbai, India$5 million
MarkaiSan Francisco, CA$4 million
Telos BrandsSan Francisco, CA$2 million

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.

  • November 2022. E-commerce scale-up Dwarfs raises another €30 million in new growth capital
  • November 2022. Quinio’s $40M equity, debt raise shows LatAm is strong market for e-commerce aggregators
  • October 2022. Go North completes a new equity round of approx. 75M SEK
  • September 2022. E-commerce aggregator Una Brands gets $30M to acquire more APAC brands
  • September 2022. Monolith Raises $230M to Accelerate Acquisition and Growth Strategy
  • September 2022. BlackRock leads $100M round for Cap Hill Brands
  • July 2022. GoNorth adds $22M in debt funding to accelerate acquisition of FBA brands
  • June 2022. Amazon aggregator Razor Group borrows another $400 million
  • June 2022. Singapore’s e-commerce brand aggregator Rainforest raises $45M in equity funding
  • June 2022. G.O.A.T Brand Labs raises $50 million led by Winter Capital and others
  • May 2022. RubiBrands Raises $23 Million in Seed Round to Challenge the E-Commerce Roll-Up Playbook
  • May 2022. Nordic marketplace aggregator eBrands rakes in $50 million funding
  • 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

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.

Thrasio

Thrasio

Walpole, MA

Heyday

Heyday

San Francisco, CA

Perch

Perch

Boston, MA

Boosted Commerce

Boosted Commerce

Los Angeles, CA

Cincy Brands

Cincy Brands

Cincinnati, OH

Cling Capital

Cling Capital

Brooklyn, NY

D1 Brands

D1 Brands

New York, NY

Dragonfly

Dragonfly

Boston, MA

Elevate Brands

Elevate Brands

New York, NY

Enso Brands

Enso Brands

Rockville Centre, NY

ErgodE

ErgodE

Houston, Texas

Flora

Flora

San Francisco, CA

Foundry

Foundry

Austin, TX

Forum Brands

Forum Brands

New York, NY

GOJA

GOJA

Miami, FL

Greenhaus

Greenhaus

New York, NY

Growve

Growve

St. Petersburg, FL

Intrinsic

Intrinsic

New York, NY

Joltify

Joltify

New York, NY

Markai

Markai

San Francisco, CA

Negotiatore

Negotiatore

New York, NY

Recontour

Recontour

Englewood, CO

Sorfeo

Sorfeo

McLean, VA

Spring Commerce

Spring Commerce

New York, NY

Suma Brands

Suma Brands

Minneapolis, MN

Tapuya Brands

Tapuya Brands

New York, NY

Telos Brands

Telos Brands

San Francisco, CA

Treasure

Treasure

San Francisco, CA

Umbrella Fund

Umbrella Fund

Houston, Texas

Unybrands

Unybrands

Miami, FL

Upexi

Upexi

Henderson, NV

United Kingdom

Alphagreen Group

Alphagreen Group

London, United Kingdom

Brand1 Ventures

Brand1 Ventures

London, United Kingdom

Brandsio

Brandsio

London, United Kingdom

Cinchona

Cinchona

London, United Kingdom

Excite Foundry

Excite Foundry

London, United Kingdom

Gravitiq

Gravitiq

London, United Kingdom

Hakkawise

Hakkawise

London, United Kingdom

Heroes

Heroes

London, United Kingdom

Olsam Group

Olsam Group

London, United Kingdom

One Retail Group

One Retail Group

London, United Kingdom

Scythia

Scythia

London, United Kingdom

The Mothership

The Mothership

St.Andrews, United Kingdom

Germany

Berlin Brands Group

Berlin Brands Group

Berlin, Germany

Mantaro Brands

Mantaro Brands

Munich, Germany

Merx

Merx

Stuttgart, Germany

Razor Group

Razor Group

Berlin, Germany

SellerX

SellerX

Berlin, Germany

The Stryze Group

The Stryze Group

Berlin, Germany

We the brands

We the brands

Cologne, Germany

France

Branded

Branded

Paris, France

Spain

Caletay

Caletay

Madrid, Spain

Yaba

Yaba

Barcelona, Spain

Mexico

Merama

Merama

Mexico City, Mexico

Quinio

Quinio

Mexico City, Mexico

Riogrande

Riogrande

Mexico City, Mexico

Valoreo

Valoreo

Mexico City, Mexico

Wonder Brands

Wonder Brands

Mexico City, Mexico

India

Evenflow Brands

Evenflow Brands

Mumbai, India

GlobalBees

GlobalBees

New Delhi, India

G.O.A.T Brand Labs

G.O.A.T Brand Labs

Bangalore, India

Mensa Brands

Mensa Brands

Bangalore, India

Powerhouse91

Powerhouse91

Gurgaon, India

10club

10club

Bangalore, India

UpScalio

UpScalio

Gurgaon, India

Other Countries

Accel Club

Accel Club

Amsterdam, The Netherlands

aim.group

aim.group

Gent, Belgium

Atomic Growth

Atomic Growth

Tel Aviv, Israel

Boosters

Boosters

Seoul, South Korea

BrandHero

BrandHero

Praia Da Luz, Portugal

Dwarfs

Dwarfs

Amsterdam, The Netherlands

eBrands

eBrands

Helsinki, Finland

factory14

factory14

Luxembourg

Flummox

Flummox

Switzerland

Forest

Forest

Tokyo, Japan

Go North

Go North

Gothenburg, Sweden

Mantaro Capital

Mantaro Capital

Vancouver, Canada

Nebula Brands

Nebula Brands

Beijing, China

New Vessel

New Vessel

Seoul, South Korea

Nuvocom

Nuvocom

Istanbul, Turkey

Opontia

Opontia

Dubai, UAE

Rainforest

Rainforest

Singapore

RubiBrands

RubiBrands

Istanbul, Turkey

TCM Digital

TCM Digital

Herzliya, Israel

Una Brands

Una Brands

Singapore

Warpfy

Warpfy

Singapore

Wholesum

Wholesum

Seoul, South Korea