Amazon Aggregators

Firms acquiring successful brands on Amazon have attracted over $16 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 72 active Amazon aggregators. 46 aggregators have announced funding rounds, of which 26 raised at least $100 million. Most aggregators are based in the United States; however, there are also companies operating in Canada, China, Finland, France, Germany, India, Israel, Japan, Mexico, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, The Netherlands, Turkey, UAE and United Kingdom.

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, Threecolts, 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.Capital Raised by Amazon AggegatorsJan ’20Jul ’20Jan ’21Jul ’21Jan ’22Jul ’22Jan ’23Jul ’23Jan ’24Jul ’24$0b$4b$8b$12b$16b$20b$0b$0.4b$0.8b$1.2b$1.6b$2bApril 2022● New Monthly Capital: $58 million● Cumulative Capital: $14,894.6 million

• September 2024. Brandded Acquires Heyday To Form Essor
• June 2024. Juvo Plus, Cap Hill Brands, Dragonfly, and Moonshot Brands Complete Four-Way Merger, Forming Infinite Commerce
• April 2024. Merama obtains 80 million dollars from JP Morgan
• March 2024. Razor Group announced a new investment of approximately $100 million led by Presight Capital
• October 2023. Society Brands Raises An Additional $25 Million of Equity
• October 2023. Mensa Brands Raises $40 Mn In Debt Funding From EvolutionX
• August 2023. Wonder Brands closes $15.5 million in Series A funding
• May 2023. SellerX to Acquire Elevate Brands, Creating One of the World’s Leading eCommerce Aggregators
• May 2023. Suma and D1 Brands Complete First US-based Merger of Amazon Aggregators
• May 2023. forest raises 1.5 billion yen in a Series A round to accelerate Japanese e-commerce brand acquisitions
• May 2023. Intrinsic Evolves Into Women’s Health-Centric CPG with $15 Million in New Funding
• April 2023. Razor Group closes Series C at $88M at $1.2B valuation
• March 2023. E-commerce aggregator Una Brands lands $30M in pre-Series C financing
• December 2022. Amazon aggregator Razor raises €70m despite sector slowdown
• December 2022. Go North successfully raises 79M SEK of equity from new co-investors
• 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. Argentine E-Commerce Platform Elevva Raises USD30M Seed Round
• 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.