Acquco, which is focused on acquiring third-party sellers on Amazon, has closed a Series A funding round with $160 million, according to a press release.
Participants in the round included CoVenture, Singh Capital Partners, Crossbeam and other investors, such as GoDaddy CEO Aman Bhutani, the release stated.
Acquco is planning to use the money to scale its portfolio to above $500 million in revenue by 2022 and to boost its technology platform, according to the release.
Consumer purchasing has transitioned to an online platform, with eCommerce penetration increasing more last year than it ever had, the release stated. The biggest beneficiary was Amazon, which is estimated to be on track to capture 40 percent of all eCommerce activity in the next several years.
Acquco is attempting to meet the needs of numerous companies which have reached a “growth wall” and don’t have the right experience to scale their businesses further, according to the release. The company plans to leverage its proprietary growth systems and identify the best businesses for companies to acquire, leveraging flexible deals which let sellers monetize immediately and participate in future growth.
Acquco Founder and CEO Raunak Nirmal said in the release, “My unique experience at Amazon originating and leading core initiatives with over $1 billion in annual revenue impact provided me deep insights into the primary pain points and challenges that Amazon sellers face every day. Combining these perspectives with over seven years of direct experience operating and innovating within the Amazon ecosystem has allowed me to generate a truly differentiated edge and understanding of the Amazon universe. Leveraging this edge, Acquco has been able to rapidly scale in less than a year and raise a substantial amount of capital, allowing us to further accelerate the growth of our competitive moat.”
In separate news, Thrasio has also made a business of buying third-party sellers on Amazon, with Co-Founder and CEO Joshua Silberstein telling PYMNTS that the market is changing, and the sources of competitive advantage are changing, too.
Thrasio’s business involves taking an Amazon business and then onboarding, optimizing and operating it.
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