The French startup Ankorstore has closed a Series B financing round worth 102 million US dollars (84 million euros). Tiger Global and Bain Capital Ventures are leading today’s financing round, in which the existing investors Index Ventures, GFC, Alven and Aglaé are also participating. This is a significant round of funding as it comes just months after the company raised € 25 million.
If you are unfamiliar with Ankorstore, the company is building a wholesale market for independent shopkeepers. You may have noticed some very instagrammable stores with an assortment of random items such as housewares, maple syrup, candles, headbands, bath salts, and stationery.
Essentially, Ankorstore is helping you source these shopkeeping items. You can buy a ton of cute stuff and act as a curator for your customers. Even if you already work directly with brands, the startup offers some advantageous conditions. Ankorstore not only buys from several brands at the same time, but also withdraws the money from your bank account 60 days after the order is placed.
On the other side of the market, brands are paid for on delivery. Even if you’re just starting out, the minimum order amount is € 100 per brand.
And the metrics have risen to the right. There are now 5,000 brands in the Ankorstore. 50,000 stores buy things through the platform. And the best is likely to lie ahead as shops reopen across Europe and tourism picks up again.
Ankorstore is now active in 14 different markets. Most of the company’s sales come from international markets – not from its home market of France. The company’s co-founder, Nicolas Cohen, names Great Britain, Germany, the Netherlands and Sweden as growth markets.
The total addressable market is huge as the company has identified 800,000 independent stores across Europe that could potentially partner with Ankorstore. And the success of other wholesale markets like Faire shows that this relatively new market is still largely untapped.