Ankorstore trading platform raises $ 100 million
The French e-commerce startup Ankorstore wants to accelerate its growth with 100 million US dollars in new investor money. The timing could be right.
The e-commerce marketplace has $ 100 million Ankorstore raised through a Series B funding round. The investment is led by venture capitalists Tiger Global and Bain Capital Ventures (BCV). The previous investors Index Ventures, Global Founders Capital, Alven and Aglaé are also participating again in the second round. The French-based startup wants to use the funds to support its base of 5,000 brands and 50,000 independent retailers across Europe in reopening after the closings caused by the pandemic.
Germany is already the second largest market, the company explains. Several thousand retailers are already relying on the platform, which is initially focused on items from the home & living, fashion, groceries, kids and beauty sectors. Ankorstore acts as a curated marketplace that brings independent brands into exchange with local retailers. The aim should be that they can expand their business into the web. Founded in November 2019, the four French e-commerce entrepreneurs Pierre-Louis Lacoste (former Country Manager at Etsy), Nicolas d’Audiffret and Nicolas Cohen (founders of A Little Market) and Mathieu Alengrin (former Head Engineer at Vestiaire Collective) already 80 employees.
Conversely, Ankorstore is also intended to act as an ambassador for many European brands to ensure that they place their products in local stores. “Instead of laboriously researching possible articles, finding the right contact and negotiating with distributors or agents, the Ankorstore platform enables a shop operator to purchase a large number of brands at minimal cost and risk,” the founders summarize. The company deliberately positions itself as a counterweight to the big e-commerce players, but retailers should receive similar professional functionalities as they can expect there.
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Additional channel for on-site retail
The company has certainly benefited from the pandemic. As seldom before, the question of additional sales channels has arisen for local dealers in the past few months. “The affected retailers were forced to find flexible financing options and tools to quickly adapt their offerings. We stood by our retailers during the lockdown and helped them control cash flow and precisely manage their inventory, ”says Nicolas D’Audiffret, co-founder of Ankorstore.
According to the founders, business tripled in the first four months of 2021 and further growth is expected after the trade has opened. “Against this background, we will invest heavily in Great Britain, Germany, the Netherlands and Sweden in order to make our customers from the independent retail sector even more successful and to withstand the rampant standardization caused by mass markets,” says Nicolas Cohen, co-founder of Ankorstore. The dealers should have access to over 5,000 curated brands, receive 60-day payment deadlines and additional financial aid. The risk for beginners is low with a minimum turnover for first-time customers of 100 euros.
