French startup Ankorstore has actually raised a $102 million Series B funding round (EUR84 million). Tiger Global and Bain Capital Ventures are leading today’s funding round with existing investors Index Ventures, GFC, Alven and Aglaé likewise getting involved. This is a substantial funding round as it comes simply a few months after the company raised EUR25 million.
The business is building a wholesale marketplace for independent shop owners if you’re not familiar with Ankorstore. You might have discovered some highly Instagrammable shops with a choice of random items, such as household materials, maple syrup, candles, headbands, bath salts and stationery items.
Essentially, Ankorstore helps you source those products for store owners. It lets you purchase a lots of cutesy things and serve as a curator for your customers. Even if you’re currently working with brand names straight, the startup uses some helpful terms. In addition to purchasing from several brands at once, Ankorstore withdraws the cash from your bank account 60 days after putting an order.
On the other side of the marketplace, brands get paid upon shipment. Even if you’re simply getting started, the minimum very first order is EUR100 per brand name.
And metrics have been going up and to the right. There are now 5,000 brands on Ankorstore. 50,000 stores are purchasing things through the platform. And the very best is likely ahead as stores begin to re-open across Europe and tourism gets again.
Ankorstore is now live throughout 14 different markets. The majority of the business’s income originates from international markets– not its home market France. The business’s co-founder Nicolas Cohen discusses the U.K., Germany, the Netherlands and Sweden as growth markets.
The overall addressable market is big as the company has recognized 800,000 independent shops across Europe that might potentially work with Ankorstore. And the success of other wholesale marketplaces, such as Faire, proves that this fairly brand-new market is still mainly untapped.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.