Connecting neighborhood retailers with independent shop owners and specialist brands, Paris-based Ankorstore has raised €250 million in a Series C round, now making the company France’s second unicorn of 2022 with a valuation of €1.75 billion. The new funds are expected to fuel the company’s geographic expansion plans, beginning with Italy and Spain, and ramp-up activities in its 23 existing markets. Since launching in 2019, Ankorstore has raised just €365 million.
Founded by former Etsy, A Little Market, and Vestiaire Collective executives, 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.
With a mere 4000 employees, the platform has seen a sales volume increase of 950% between 2020 and 2021, Topping out with some 15,000 brands operating on the marketplace. 2021, in particular, was a bumper year for the company, as more than 11,000 brands came on board.
Ankorstore’s €250 million Series C round was led by BOND and Tiger Global and saw participation from Eurazeo and Coatue. All existing investors: Index Ventures, Bain Capital Ventures, GFC, Alven, and Aglae followed on.
“Ankorstore is building the next generation operating system for retail. Through its rapidly scaling cross-border wholesale network, the company provides best-in-class infrastructure for thousands of brands and independent stores worldwide. We are inspired by Ankorstore’s leadership team and its bold vision – transforming commerce and unlocking powerful new opportunities across the retail value chain,” added BOND general partner Mood Rowghani.