With an aim to empower local retailers, France-based Ankorstore, an online platform connecting up-and-coming brands with neighbourhood retailers, has reportedly raised €25M in its Series A round of funding led by Index Ventures.
Besides, existing investors, including GFC, Alven and Aglaé, also participated in the current round. The raised capital will be used by the startup to add more independent shop partnerships and to expand beyond its existing eight European markets, including the UK by next year.
Ankorstore was founded in 2019 by former executives of Etsy (an e-commerce website focused on handmade or vintage items and craft supplies) including Nicolas Cohen, and Nicolas d’Audiffret, and serial entrepreneurs Mathieu Alengrin, and Pierre Louis Lacoste.
Ankorstore is an online B2B marketplace that connects brands and designers with boutiques all over Europe. Besides, they allow on-trend brands to sell through local businesses, and retailers to sell products that cannot usually be found on major e-commerce sites or large retail chains.
Ankorstore offers benefits for both retailers and brands.
Retailers can discover and select from thousands of brands, benefit from 60-day payment terms, test sales with a low minimum order quantity, and take advantage of the continually evolving tools offered by the platform.
As for brands and creators, Ankorstore allows them to sell their products to stores all around Europe, benefitting from direct contact and returns with retailers, and payment upon delivery, solving any cash flow issues.
Growth and development
“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,” explains Pierre-Louis Lacoste, co-founder of Ankorstore.
The startup works with 2,000 brands and 15,000 shops and claims its sales grew 20 times between February and October this year.
Currently live in eight countries including France, Spain, Austria, Germany, Belgium, Holland, Switzerland, and Luxembourg, the startup says France is its biggest market, followed by Germany.
Besides, Ankorstore is also planning to launch its services in the UK next year.
Last year in December, Ankorstore had raised €6M in its Seed round of funding, according to CB. The capital was raised from investors including GFC, Aglae Ventures and Alven Capital, to build a business around the company’s platform.
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