Paris-based Ankorstore has given France its second unicorn of 2022 after raising an additional €250 million with a €1.75 billion valuation. The round was led by US firms Bond and Tiger Global.
France had an exciting 2021 and already 2022 is shaping up to have plenty of activity amongst the startup scene. We reckoned the online marketplace was a company to watch over the year back in August 2021, having raised €84 million.
Founded in 2019, Ankorstore has an aim to reinvent wholesale. Through building tools for brands to distribute their goods all across Europe, the young startup offers up-and-coming brands the ability to sell directly to independent shops across the continent – allowing emerging brands to sell more varied stock, reach more customers, and increase agility.
Already active in 23 countries with 200,000 retailers using the platform, Ankorstore is a multi-sector business with a presence in homeware, children’s products, beauty and fashion.
Founded by former Etsy, A Little Market, and Vestiaire Collective executives, the new unicorn is on a mission to take on Amazon. The marketplace offers on a freemium basis – it is free for brands initially but then they’re charged a commission on the sales they make.
Founder Pierre-Louis Lacoste said: “The Covid crisis is pushing people to realise that the store down the street is important, it’s the heart of a community…The world of tomorrow is not just the world of Amazon.”
The fresh funds for the latest French unicorn will be used to boost expansion across Europe, beginning with Italy and Spain, and ramp-up activities in its 23 existing markets.