Ankorstore is a Paris-based curated marketplace connecting independent brands with local retailers. The company has bagged $100 million (nearly £71 million) in Series B funding.
Growth plans on cards
The funding round was led by Tiger Global and Bain Capital Ventures along with participation from existing investors Index Ventures, Global Founders Capital, Alven, and Aglaé. The company plans to use the funds to grow its base of 5,000 brands and 50,000 independent retailers across Europe, including Paris, Berlin, Amsterdam, London, and Stockholm.
“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,” said Nicolas D’Audiffret, co-founder of Ankorstore.
“Ankorstore has quickly become the clear solution in Europe for local retailers to source from independent brands,” said John Curtius, Partner at Tiger Global. “The incredible adoption over the last eighteen months speaks to an experienced team providing real and timely value to its customers. We’re proud to support Ankorstore on their journey to becoming a worldwide leader, building the future of independent retail.”
3x increased sales in the UK
For those who are not aware, Ankorstore was launched in the UK in 2021. Though half of their retailers were closed due to the pandemic, sales on the platform tripled for the United Kingdom following the government’s announcement to reopen stores.
The company will play a crucial role for business owners, enabling them to restock shelves in anticipation of a busy season ahead. Notably, the UK market presence has been a massive part of Ankorstore’s growth story.
Founded in 2019 by Nicolas Cohen, Nicolas D’Audiffret, Mathieu Alengrin and Pierre-Louis Lacoste, Ankorstore reinvents the independent retail industry. It acts as an ambassador for many of the most sought after European brands as well as a partner to shop owners who strive to provide their customers with new experiences and products. The Ankorstore platform allows a shop owner to find and stock a variety of brands with minimal cost and risk.
Appoints new board of director
With this round, Merritt Hummer, partner at Bain Capital Ventures will join Ankorstore’s board of directors.
Bringing the wholesale market for independent brands and retailers online is an enormous global opportunity, and Ankorstore has very rapidly emerged as the winner across Europe,” said Merritt Hummer, partner at Bain Capital Ventures. “At BCV we have invested in a number of B2B marketplaces, and we are extremely proud to partner with this exceptional team as they scale an international platform that transforms wholesale trade.”