(Bloomberg) — Berlin-based startup SellerX has raised 100 million euros ($117 million) in funding, led by LVMH-backed investment firm L Catterton, to buy brands sold via Amazon.com Inc. and Shopify Inc.
Founded in 2020, SellerX has so far bought more than 30 e-commerce brands that mainly sell their wares through the world’s largest ecommerce sites, and plans to use the new cash to double that number over the coming year, co-founder Philipp Triebel said in an interview.
Rivals including Berlin Brands Group and Thrasio have raised billions of dollars from investors, who are betting that the rise of startups combining hundreds of direct-to-consumer brands will continue to grow.
Read more: Bidding Wars Break Out in Sizzling Market for Amazon Brands
While SellerX is focused on brands with much of their sales on Amazon, co-founder Malte Horeyseck said that the company has also bought sellers with significant operations on Shopify, and that they may buy sellers purely focused on that platform in the future.
SellerX has already raised around 250 million euros of debt and equity, the company said in a statement, and Triebel added that the new equity funding puts the company in a strong position to raise more debt in the future.
Other investors participating in the round included Sofina and existing backers Cherry Ventures, Felix Capital and 83North.
“This isn’t just about rolling up great brands and great products, it goes beyond this. This is the very future of how consumer products are developed and brought to market,” said Christopher North, managing partner of L Catterton’s growth fund. “I expect they will continue to acquire at a blistering pace.”
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