French startup Ankorstore has raised a $ 102 million Series B funding round (€ 84 million). Tiger Global and Bain Capital Ventures lead in today’s funding round, with existing investors Index Ventures, GFC, Elven and Egle also participating. This is an important funding round as it comes only a few months after the company raised € 25 million.
If you are not familiar with Ankorstore, the company is building a wholesale market for independent shop owners. You may have seen some highly Instagrammable shops with a selection of random items, such as home supplies, maple syrup, candles, headbands, bath salts, and stationery items.
Essentially, Ankorstore helps you source those items for shop owners. It lets you buy lots of attractive things and act as curator for your customers. Even if you are already working directly with brands, the startup offers some advantageous terms. Apart from purchasing from multiple brands simultaneously, Ankorstore withdraws money from your bank account 60 days after placing the order.
On the other side of the marketplace, brands get paid on delivery. Even if you are just starting out, the minimum first order is € 100 per brand.
And the metrics are going up and to the right. Ankorstore now has 5,000 brands. 50,000 shops are buying goods through the platform. And the best is likely ahead as stores across Europe are reopening and tourism has resumed.
Ankorstore is now live in 14 different markets. Most of the company’s revenue comes from international markets – not its domestic market, France. The company’s co-founder Nicholas Cohen mentions the UK, Germany, the Netherlands and Sweden as growth markets.
The overall addressable market is huge because the company has identified 800,000 independent stores across Europe that could potentially work with Ankorstore. And the success of other wholesale markets, such as Fair, proves that this relatively new market is still largely untapped.