Monday, 30 November 2020

Ankorstore raises $29.9 million for its wholesale marketplace

WillyLiambi November 30, 2020

French startup Ankorstore has raised a $29.9 million Series A round (â‚¬25 million) with Index Ventures leading the round. Existing investors GFC, Alven and Aglaé are also participating.

Ankorstore is building a wholesale marketplace that connects independent shop owners with brands selling household supplies, maple syrup, headbands, bath salts, stationery items and a lot more. That list alone should remind you of neighborhood stores that sell a ton of cutesy stuff that you don't necessarily need but that tend to be popular.

The company works with 2,000 brands and 15,000 shops. And the startup isn't just connecting buyers and sellers as it has a clear set of rules. For instance, the minimum first order is â‚¬100, which means that you can try out new products without ordering hundreds of items at once.

By default, Ankorstore withdraws the money 60 days after placing an order. Brands get paid upon delivery. And of course, buying from several brands through Ankorstore should simplify your admin tasks.

Ankorstore is currently live in eight countries â€" France, Spain, Austria, Germany, Belgium, Holland, Switzerland and Luxembourg. France is the biggest market followed by Germany. Up next, the startup plans to launch in the U.K. in 2021.

In many ways, Ankorstore reminds me of Faire, the wholesale marketplace that has raised hundreds of millions of dollars in the U.S.

'There are a number of different retail marketplaces connecting retailers with makers and brands. Where we believe we differ is in our clear focus on the independent shop owner, offering the tools and the terms that make it really easy and cost-effective to discover and access some of the most desirable up-and-coming brands,' Ankorstore co-founder Pierre-Louis Lacoste said.

Given that the startup is working with small suppliers, chances are they're only selling their products in Europe. So there should be enough room for a European leader in that space that I would describe as wholesale Etsy-style marketplaces with a strong focus on curation.