Led by ex-Amazonians, Acquco raises $160M to buy and scale e-commerce businesses
There has been a flurry of investments in startups focused on acquiring third-party sellers on Amazon and helping them build their businesses.
The latest is Acquco, which aims to stand out from the others in that it was formed by a pair of founders — Raunak Nirmal and Wiley Zhang — who actually worked at Amazon, and then built multimillion-dollar businesses on its platform.
The New York City-based startup has raised $160 million in debt and equity in a Series A round that it says will fund its “aggressive growth plans.” CoVenture, Singh Capital Partners, Crossbeam and other notable investors such as GoDaddy CEO Aman Bhutani put money in the equity portion of the round. Acquco would not disclose the valuation at which the money was raised, nor the exact breakdown of debt and equity, other than to say “a significant portion was equity.” But CEO Raunak Nirmal did share a few other notable things.
For one, the company has already scaled to over $100 million in revenue since its founding (in a year’s time) while deploying less than $2 million of equity capital. Plus, it’s been profitable “since day one,” he said.
Nirmal also claims that Acquco’s proprietary technology and “proven playbooks” give it an edge against competitors such as Thrasio and Perch. Specifically, the company says it helps Amazon sellers exit their business within 30 days and continue to scale their business “to the next level” post-acquisition. It also claims to offer flexible terms and that it (Read more...)