Emerging markets are rising! Wholesale e-commerce platform Abound raises $23 million

Abound, an online marketplace that helps independent retailers stock their shelves with new products from emerging brands, says it specializes in helping merchants find suppliers of goods that don’t exist on Amazon.

Co-founder and CEO Bill Shope said the past year has seen rapid growth as it helped connect thousands of retailers with thousands of merchandise suppliers after traditional trade shows closed .

Shope said that since the beginning of 2020, the Abound platform has introduced more than 180,000 products from manufacturers and craftsmen , and monthly sales have increased 20 times. He added that because many commodity retail trade shows were closed last spring due to the epidemic , Abound has connected suppliers on the market with more than 10,000 retailers.

Small retailers are always on the lookout for new products, which means attending several trade shows a year , but the pandemic has made those opportunities disappear . Around , on the other hand, offers them a way to find those products through an online shopping experience, including wholesale prices (i.e., discounts up to 50%), free returns , and more.

To help it continue to grow internationally amid strong demand, Abound said this week it has raised $22.9 million in a Series A round led by Left Lane Capital. “This funding will enable us to continue to attract and support the most talented small business owners in North America and Europe,” Shope said.

Other investors include RiverPark Ventures , All Iron Ventures, and Red Antler. Abound said it will use the funds to "accelerate its efforts by releasing industry-leading features, further expand international operations, grow the team, and enhance Abound's technology offerings."

Harley Miller, managing partner at Left Lane Capital , said his personal retail experience has led him to see the value of the new wholesale market.

He said: “My family has been involved in independent retail for the past 20 years. Growing up, I attended many industry events, so I understood early on how optimized the wholesale buying and selling experience can be. With the cancellation of most major trade shows for 2020 and 2021, emerging brands and independent retailers have been looking to new distribution channels to support their business ambitions.”

The B2B e-commerce market is massive and filled with strong competitors. Market research firms predict that the global B2B e-commerce market will reach $20.9 trillion by 2027. When giant companies like Amazon and Alibaba rank among the biggest competitors in this market, it’s no surprise that the industry is worth so much. Abound aims to find its own industry advantage by offering a unique and rising brand, rather than a plethora of products like its competitors.

wholesale

E-commerce platform

Abound

Financing