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Amazon has spawned a new economy of aggregators that buy its biggest sellers. These are the 14 European rollup players to know raising billions from investors.

Heroes founders Riccardo, Giancarlo and Alessio Bruni
Heroes, founded by Riccardo, Giancarlo and Alessio Bruni, is a UK rollup that has acquired Amazon merchants that sell dog treats, babycare items, and gardening tools.

  • The business of buying up Amazon sellers is hot right now, with aggregators raising billions from VCs.
  • FBA acquirers, or rollups, are buying and scaling up popular Amazon brands under one parent company.
  • Insider profiled 14 new Amazon FBA acquirers in Europe that were founded in the last two years.
  • See more stories on Insider’s business page.

Amazon is such an integral part of the online economy that it has spawned a new, multi-billion dollar meta-business: The rollup.

Rollups are aggregators that acquire the most successful among the millions of small merchants that sell on Amazon’s platform and use its Fulfilled by Amazon (FBA) service to store, process, and ship items.

The game plan for rollups is to acquire the hottest sellers and manage them under a single parent company. Often run by ex-Amazon sellers or executives, these aggregators are raising huge amounts of cash to buy up merchants selling anything from cleaning products to bedding.

US rollups Perch, backed by SoftBank, and Thrasio, an Advent International portfolio company, raised $775 million and $750 million in investor cash respectively in 2021. Thrasio, founded in 2018, is rumoured to be in talks to go public via a SPAC deal at a valuation as high as $10 billion, according to a Bloomberg report.

Insider has profiled 14 FBA rollups looking to acquire, operate and grow Amazon brands that were founded in Europe in the last two years. The six who disclosed their funding total to Insider have raised a cumulative $1.4 billion to date.

The following are listed in alphabetical order.

Amazing Brands Group, Cologne, Germany

Michael Bassler of Amazing Brands Group.
Michael Bassler of Amazing Brands Group.

Founded: 2020

Total raised: Undisclosed, but the company told Insider it has “many millions in equity to leverage debt capital investments.”

Investors: Virtual Network is its only named investor, per Crunchbase. The company’s money comes from private equity, family offices, and angels, it said.

About: Cofounders Michael Bassler, Jaschar Hupperth, and Christoph Baumann hope to build a diverse portfolio made up of “the next leading direct-to-consumer brands.” Its main focus is on utility products and smaller brands with around $100,000 to $1.5 million in annual revenue.

Bassler, the company’s CEO, said: “In general, this market opportunity is one of a kind. This highly fragmented market has just waited to be disrupted and professionalized. We really enjoy the daily work with the sellers and our job is to find the best individual solution for each seller.”

He added that standardized processes and automation means Amazing Brands Group can help companies scale fast. “This only works because Amazon offers you a great tool set and almost 100% transparency on various data points such as the revenue data of your competition.”

The company’s brands include augmented reality platform Getbaff and premium vacuum bag GustoVac.

Branded, Paris, France

Pierre Poignant, CEO of Branded.
Pierre Poignant, CEO of Branded.

Founded: 2020

Total raised: $150 million

Investors: Tiger Global, Vine Ventures, Lurra Capital, Kima Ventures, Regah Ventures and Declaration Partners

About: With ‘dual headquarters’ in Paris and New York, Branded wants to transform the consumer goods market.

Branded focuses on the home, lifestyle and leisure categories, having acquired more than 35 brands including plant-based household cleaning and personal care brand Puracy, men’s beauty brands Viking Revolution, and kitchen gadgets design studio OTOTO Design.

Pierre Poignant, CEO of Branded told Insider: “We see the potential in these brands that started on platforms like Amazon and Shopify and want to utilize our resources and infrastructure to not only grow their presence on these platforms, but scale multiple channels for these brands to thrive, including international expansion.”

Dwarfs, The Netherlands

Dwarfs' current team
Dwarfs’ current team.

Founded: 2021

Total raised: €50 million ($58 million)

Investors: North Wall Capital, FJ Labs, Solid Ventures, Tharsio and Harlan Capital

About: Dwarfs is on the hunt for sellers in the Netherlands, Nordics, France, Spain and Italy, with a focus on Amazon, Bol.com, Cdiscount, and Allegro, although it “thinks internationally.”

“Our Dwarfs are always on the search for the most amazing e-commerce brands,” its website states. “We call this mining. The Dwarfs dig for diamonds in the rough with huge potential.”

Founder and CEO Demian Beenakker told Insider he is building a team of marketplace experts to capitalize on the young FBA market. In a statement on the company’s website, Beenakker said there is an opportunity to snap up high-growth companies while US venture firms look for “bigger tickets” and Dutch VCs are yet to make a move.

Dwarfs is planning to make 20 acquisitions this year, with 50 to 60 planned by 2024.

The company’s brands include include kitchen company Cofaro, home and weighed blanket brands Calmzy and Kalm, and pregnancy pillow seller Litollo.

eBrands, Helskinki, Finland

A warehouse worker scans a box
A stock image of a warehouse worker scanning a box.

Founded: 2020

Total raised: N/A

Investors: N/A

About: Founded by Robin Bade, an angel investor and mentor within Europe’s startup scene, and serial entrepreneur Jonne Valila, eBrands is the first rollup player operating from the Nordics, according to Finnish media.

The company is looking for merchants who land over 90% of their sales through Amazon and “truly add value to customers.” Its website states it is a “home for brands that make the world feel better.”

The company offers two deals depending on the seller: cash-out or join its team.

While eBrands is yet to announce funding, per Crunchbase, Icebreaker.vc general partner Lasse Lehtinen sits on its board.

Excite Foundry, London

Excite Foundry founders Ritesh Kumar and Vishal Bhargava at Amazon Awards
Excite Foundry founders Ritesh Kumar and Vishal Bhargava at Amazon Awards.

Founded: 2020

Total raised: Undisclosed

Investors: Veddis, per Crunchbase. Its website says it is backed by institutional investors.

About: Excite Foundry looks for brands that have been able to achieve a “return on capital employed” – profitability after accounting for capital used – above 150% within a year.

Cofounders Vishal Bhargava and Ritesh Kumar bring experience in private equity and scaling direct-to-consumer and Amazon brands, and position themselves as marketplace experts on the company’s website.

“We see the space as a great opportunity to acquire sub-scale brands and scale them up using our proprietary technology platform using advanced data analytics and AI,” Bhargava told Insider. “We have been selling on Amazon for the last 10 years and see an opportunity to create a household brands conglomerate of the future. ”

To date, it has acquired brands in the outdoor sports, baby, home and cosmetics categories but did not share any names.

Factory14, Luxembourg

cycling
A stock image of someone cycling.

Founded: 2021

Total raised: $200 million

Investors: Dmg ventures, DN Capital, Victory Park Capital and VentureFriends

About: Factory14 came out of stealth mode this year with the acquisition of Pro Bike Tool, a UK “juggernaut” that sells own-brand bike accessories and tools. Its founding team has worked at Amazon, Delivery Hero, and investment firm Global Founders Capital.

The aggregator is on the hunt for “show-stopping products in a high-growth niches”, according to its website, while CEO Guilherme Steinbruch told TechCrunch target acquisitions will are those seeing an annual revenue of $1 million or more.

Flummox, Switzerland

Olmo Tancredi Cassano, cofounder of Flummox
Olmo Tancredi Cassano, cofounder of Flummox.

Founded: 2021

Total raised: Undisclosed

Investors: Undisclosed

About: Positioned as an online brand accelerator, Flummox targets businesses that earn 50% of their revenue from a single channel – focusing on Amazon FBA and Shopify brands – and have reported under $1 million in turnover in the past 12 months. Flummox promises sellers a six-week buying cycle and to “jet-pack” them to category-leading companies within 24 months.

Cofounder Olmo Tancredi Cassano believes the market has “untapped potential” that will continue to grow with the localization of supply chains and standardization of operations. “Thanks to better informed sellers and better prepared buyers, the ecosystem is finally taking shape to support sector, stage. and market specialists,” he told Insider.

Flummox has so far bought one toy seller targeting teens. Using this brand, the company said it has developed a special character to become an ‘influencer’ on social media. “Toys is one of those categories we believe is going grow most rapidly online in Europe across demographics that are not only limited to kids,” Cassano added.

Heroes, London

Heroes founders Riccardo, Giancarlo and Alessio Bruni
Heroes, founded by Riccardo, Giancarlo and Alessio Bruni, is a UK rollup that has acquired Amazon merchants that sell dog treats, babycare items, and gardening tools.

Founded: 2020

Total raised: $265 million

Investors: Crayhill Capital Management, 360 Capital, Fuel Ventures and Upper 90

About: Founded by three brothers, Riccardo, Giancarlo and Alessio Bruni, Heroes targets small brands with “category-winning products” in “high-growth niches”. Its website states it is looking for companies that have generated between $200,000 and $3 million in profits in the last 12 months, with 90% of revenue coming via Amazon.

“Amazon is no longer a marketplace, Amazon has become the market,” cofounder Riccardo Bruni told Insider.

Heroes aim to snap up niche category leaders that have validated their products and eventually bring them to the high street. “The opportunity for us is to leverage Amazon as a platform of validation and take those brands into the world beyond Amazon … into other marketplaces, into direct channels and ultimately into offline retail,” Bruni added.

It is Amazon’s FBA logistics infrastructure that attracted the startup. Building on top of it allows Heroes to scale at “an incredible pace,” Bruni said.

Brands the company owns include the PremiumCare dog chews, the Onco baby car mirror, gardening tool brand Davaon and wooden foot massager roller Theraflow.

Merx Brands, Germany

Christoph Stark, cofounder of Merx Brands
Christoph Stark, cofounder of Merx Brands.

Founded: 2020

Total raised: Undisclosed

Investors: Undisclosed, but said it has raised from “select individuals and small family offices.”

About: Buying FBA businesses may be a recent trend, but Merx Brands wants to stay clear of “fad-driven” businesses.

One of the first brands Merx Brands acquired was Lahela, which produces balls for tumble dryers that replace fabric softener.

When Christoph Stark started paying attention to the FBA market in 2020, he was impressed by the “wonderful, creative” small brands that “solve real problems” but were not known outside of domestic markets. During market research, Stark said he found two types of entrepreneurs: those who find scaling a business boring and those who have other commitments. That’s where he sees the opportunity.

The Mothership Group, London

The Mothership Group CEO cofounder Ben Fletcher
The Mothership Group CEO cofounder Ben Fletcher

Founded: 2020

Total raised: Bootstrapped

Investors: N/A

About: Mothership’s founding team features marketing professionals who have built their own platforms and events companies, such as MVF and Fast Growth Icons, and have worked with heavy-hitters such as John Lewis and Virgin.

CEO and cofounder Ben Fletcher told Insider: “Our founders are serial entrepreneurs and direct-to-consumer experts, so we are looking for companies with direct to consumer, or omnichannel, potential that we can help grow with our specialist skills set.

“We want to partner with companies whose products we love. We love outdoor lifestyle, pet and health brands, but are open to other opportunities that we can get on board with.”

Its website promises a sale within 30 to 45 days after agreeing terms, with deals tailored to each merchant.

Mothership did not share details of its acquisitions.

Olsam, London

Olsam cofounders Sam and Ollie Horbye
Olsam cofounders Sam and Ollie Horbye.

Founded: 2020

Total raised: $170 million

Investors: Apeiron Investment Group, Elavat Capital, and North Wall Capital

About: Olsam’s team has launched and sold five brands of its own and has two decades of operational experience at Amazon’s marketplace team under its belt. “Our understanding how these brands work and the challenges they face is unique,” cofounder Sam Horbye told Insider.

Horbye said the sellers he meets face two problems: they hit a ceiling and can’t grow their brand anymore, typically due to a lack of capital, or they need to invest in better infrastructure.

Olsam boasts a “six steps in six weeks” process which includes an introductory call, a non-disclosure agreement, a letter of intent, and due diligence before the deal is closed.

Acquisitions to date include homeware brand Kitzini, Peak Coffee, electronics company Powr Wallets, and notebook company Ottergami.

You can read more about Olsam here.

Razor Group, Berlin

Tushar Ahluwalia, Razor Group CEO
Tushar Ahluwalia, Razor Group CEO.

Founded: 2020

Total raised: $550 million

Investors: BlackRock, Victory Park Capital, Global Founders Capital, Jebsen Capital, 468 Capital, Presight Capital, Redalpine, and FJ Labs

About: Razor Group is headquartered in Berlin but has a presence in Austin, Texas; Hangzhou, China; New Delhi, India; and London, UK. It is most interested in home, sports, and pet supplies businesses in the US, Europe and UK. From the valuation of an Amazon FBA business, the company promises cash in the bank within six weeks.

“Our vision is to build the largest consumer business globally and move into further attractive categories, markets and channels as the business expands,” CEO Tushar Ahluwalia told Insider. He said Razor Group has acquired over 120 brands from over 60 merchants, and are on track to roll up a total of 160 brands across 80 merchants by the end of the year.

One such company is PowerX, a sports utility brand on the German Amazon marketplace that Ahluwalia sees as a Decathlon competitor.

Scythia, London

Cofounder and co-CEO of Scythia, Alex Walker
Cofounder and co-CEO of Scythia, Alex Walker.

Founded: 2021

Total raised: Undisclosed

Investors: Undisclosed

About: No one cares more about the future of your Amazon business than Scythia does, the company’s website states. Like many rollup founders, Scythia’s are seasoned Amazonians. Serial entrepreneur Alex Walker was a senior product manager at Amazon Marketplace, while Chris Lindsay ran multiple businesses across retail and marketplace before launching Scythia.

The company would not disclose its acquisitions, but told Insider: “Our interests span a wide range of categories including home and garden, musical instruments, toys and games, sports and DIY.”

Yaba, Spain

cofounders Sergi de Pablos, CTO; Ruben Ferreiro, president; David Baratech, CEO; Alejandro Fresneda, CEO; and Patxi Archanco CFO and M&A of Yaba.
cofounders Sergi de Pablos, CTO; Ruben Ferreiro, president; David Baratech, CEO; Alejandro Fresneda, CEO; and Patxi Archanco CFO and M&A of Yaba.

Founded: 2020

Total raised: Undisclosed

Investors: Undisclosed

About: Yaba sees its location in Spain as a unique offering as rollup players are concentrated within the US, UK, and Germany.

Alejandro Fresneda, cofounder and CEO, is targeting southern Europe’s “untapped geographies”. He said: “As of today, there are no international companies putting their efforts to proactively cover these geographies. We are becoming the leading aggregator for south European sellers and we will continue to do so over the coming months. This is the reason why we created Yaba.”

Yaba’s “growth-lever playbook” means it will add value in “every aspect of the value chain” from sourcing, logistics, search engine optimization, pay-per-click advertising, conversion, geographical expansion, and channel expansion.

Banbaloo, which sells safety rails for kids’ beds, is one of the company’s acquisitions. It was founded in 2018 by two taxi drivers in Barcelona who were looking to extra cash when Uber arrived in the city, Fresneda said. “After months of research, they brought to Europe some of the products that were popular in America, but no one knew here. We are now in the process of expanding their brand globally through Amazon and other marketplaces.”

Other brands Yaba has gobbled up are in the pet care, baby care, beauty, and home care markets, it said.

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