25 Amazon Aggregators Raised at Least $100M

Twenty-five different companies acquiring Amazon sellers have now raised at least $100 million. A year ago, there was just one. Nearly $7 billion has been raised so far in 2021.

14 of the 25 aggregators are U.S.-based; the rest are from Latin America (Merama in Mexico), Asia (Nebula Brands in China), and Europe (Heroes and Olsam Group in the United Kingdom, SellerX and Razor Group in Germany, and others). A dozen more companies raised less than $100 million, and roughly 30 haven’t raised any amount yet or announced it but are active. Many of them didn’t exist twelve months ago.

CompanyLocationCapital Raised
ThrasioWalpole, MA$1.7 billion
PerchBoston, MA$908.8 million
Berlin Brands GroupBerlin, Germany$540 million
Razor GroupBerlin, Germany$447 million
UnybrandsMiami, FL$325 million
Elevate BrandsNew York, NY$317.5 million
SellerXBerlin, Germany$267 million
HeroesLondon, United Kingdom$265 million
HeydaySan Francisco, CA$245 million
factory14Luxembourg$200 million
GrowveSt. Petersburg, FL$175 million
Olsam GroupLondon, United Kingdom$165 million
MeramaMexico City, Mexico$160 million
AcqucoNew York, NY$160 million
Moonshot BrandsOakland, CA$160 million
Cap Hill BrandsSeattle, WA$150 million
BrandedParis, France$150 million
Global BeesNew Delhi, India$150 million
Suma BrandsMinneapolis, MN$150 million
Boosted CommerceLos Angeles, CA$137 million
D1 BrandsNew York, NY$123 million
IntrinsicNew York, NY$115 million
Nebula BrandsBeijing, China$106 million
The Stryze GroupBerlin, Germany$100 million
FoundryAustin, TX$100 million
Mensa BrandsBangalore, India$83 million
ValoreoMexico City, Mexico$80 million
Benitago GroupNew York, NY$55 million
DwarfsAmsterdam, The Netherlands$45 million
UpScalioGurgaon, India$42.5 million
Una BrandsSingapore$40 million
10clubBangalore, India$40 million
RainforestSingapore$36 million
G.O.A.T Brand LabsBangalore, India$36 million
TCM DigitalHerzliya, Israel$28 million
Forum BrandsNew York, NY$27 million
OpontiaDubai, UAE$20 million
Wonder BrandsMexico City, Mexico$20 million

At this time last year - in September 2020 - only Thrasio had raised over $100 million, and the only other two companies to have raised capital - Perch and Razor Group - have only done their seed rounds. The year finished with $1 billion committed.

Six out of the eight months so far in 2021, the aggregators raised at least $500 million. Since the industry kicked off in April 2020, they attracted a total of $8 billion. Practically all of which came in 2021 by 38 different companies. Interestingly, some aggregators have now also started to invest in others, often in different geographical regions.

Cumulative Capital Raised by Amazon Acquirers

The industry is maturing beyond capital raised. What a couple of years ago was a relatively basic process, and a quiet market has now grown in sophistication. It is still early days, however. For one, the pitch decks aggregators use and the language they employ to describe themselves lack differentiation.

Still, as demand for acquisitions and the number of potential buyers (which are not limited to aggregators but also includes private equity firms and other investors) increased, it had second-order effects. The way businesses are valued, packaged, and pitched to investors and the role of investment bankers and brokers improved. The deal structures like equity offered expanded. Aggregators from all over the world started buying businesses also from all over the world. Technology and supply chain operations of the aggregators also saw significant investment.

Finally, the model of aggregation is growing beyond Amazon. Not only are some companies looking for sellers on other marketplaces, especially internationally, but they are also evaluating direct-to-consumer (DTC) brands that sell on their owned websites.

If the trend continues, aggregators will raise an estimated $10 billion in 2021 - most of that through debt that will fuel acquisitions. None have failed publicly yet, none have tried to consolidate, and none did an IPO to go public. All of those will happen.

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Juozas "Joe" Kaziuk─Śnas

Founder of Marketplace Pulse, Joe wears multiple hats in the management of Marketplace Pulse, including writing most of the articles. Based in New York City. Advisor to other startups and entrepreneurs. Occasional speaker at conferences.

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