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Ankorstore raises €82.2M; looks to open local offices in Amsterdam and other European cities

Paris-based Ankorstore claims to be reinventing the way people do wholesale. The company is doing that by providing tools for brands to distribute their goods, inspiring retailers with a selection of products, and helping brands & retailers work together in unique conditions (brands paid at reception, delivery offered, and 60 days payment for retailers).

Ankorstore raises Series B funding

In a recent development, the online B2B marketplace announced that it has raised $100M (approx €82.2M) in its Series B round of funding led by Tiger Global and Bain Capital Ventures. Besides new investors, the round also saw participation from existing investors including Index Ventures, Global Founders Capital, Alven, and Aglae Ventures.

With this development, Merritt Hummer, partner at Bain Capital Ventures, will join Ankorstore’s board of directors. The round follows the company’s recent growth and its Series A funding of €25M.

Capital to support European retailers

Despite half of Ankorstore’s retailers being closed due to the pandemic, the company claims it has tripled its business in the first four months of 2021. Furthermore, its plan is to reopen retail areas outlined across Europe. Besides, the sales on the platform tripled for the UK in the weeks following the government’s announcement of the reopening plan. 

“Despite the closure of most shops in Europe due to Covid-crisis, we have continued to grow massively over the last six months. We are going to invest deeply in the UK, Germany, The Netherlands, and Sweden to better serve our clients. Brands and independent retailers understand our mission, which is to help them to propose an alternative to the massification and standardisation imposed by the e-commerce giants,” says Nicolas Cohen, co-founder of Ankorstore. 

Ankorstore looks to enable its retailers to restock shelves as it expects a busy season ahead. With the latest funds, the company plans to grow its base of 5,000 brands and 50,000 independent retailers across Europe and support them through reopening.

Additionally, the company intends to hire new talents and open local offices across Europe including Paris, Berlin, Amsterdam, London, and Stockholm.

Ankorstore promises to address the covid-related challenges, Nicolas D’Audiffret, co-founder of Ankorstore said, “In the current retail climate, there have been many measures to close non-essential shops, which have left independent stores in need of flexible financing and tools to quickly adapt their offering. Ankorstore stood by our retailers through lockdowns to help them closely control their cash flow, be more responsive, and manage their stock as precisely as possible.”

Reinventing the way people do wholesale

Ankorstore was founded in 2019 by former executives of Etsy (an e-commerce website focused on handmade or vintage items and craft supplies) including Nicolas Cohen, and Nicolas d’Audiffret, and serial entrepreneurs Mathieu Alengrin, and Pierre Louis Lacoste.

It is an online B2B marketplace that connects brands and designers with boutiques all over Europe. Besides, they allow on-trend brands to sell through local businesses, and retailers to sell products that cannot usually be found on major e-commerce sites or large retail chains.

According to Ankorstore, it offers benefits for both retailers and brands. Retailers can discover and select from thousands of brands, benefit from 60-day payment terms, test sales with a low minimum order quantity, and take advantage of the continually evolving tools offered by the platform.

And as for brands and creators, Ankorstore allows them to sell their products to stores all around Europe, benefitting from direct contact and returns with retailers, and payment upon delivery, solving any cash flow issues.

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