French startup Ankorstore, a curated marketplace connecting up-and-coming brands with neighbourhood retailers, has raised €25 million in Series A funding led by Index Ventures. GFC, Alven and Aglaé participated as well.
Founded last year by former Etsy executives and serial entrepreneurs, Ankorstore is shortening the distance between independent brands and local shops, cutting out the need for agents and trade shows. The retail tech platform gives both parties more insight into and control over their businesses.
“Within the context of the current retail crisis, independent stores see Ankorstore as a way to control their cash flow, be more responsive, manage their stock as precisely as possible, and gain access to the best European brands,” said Pierre-Louis Lacoste, the startup’s co-founder and former country manager at Etsy.
Furthermore, in a press release the company stated it hopes to “to level the playing field in the face of the dominance of mass retail and an e-commerce system which rewards big brands and big retail.”
The Paris-based business plans to use the funds to add to its 2,000 brand and 15,000 independent shop partnerships, and expand beyond its existing eight European markets, with the UK planned for early 2021.