Abound Raises $22.9 Million In Series A Financing To Accelerate Growth, Enhance Tech Offerings, Further International Expansion
The Leading Curated Wholesale Marketplace Empowers Small Business Owners, Independent Brands by Removing Complexities, Costs of Wholesale Process
NEW YORK, Feb. 19, 2021 /PRNewswire/ -- Abound, the leading curated wholesale marketplace connecting small business owners and independent brands, today announced the close of a $22.9M Series A financing round led by Left Lane Capital with additional support from RiverPark Ventures, All Iron Ventures, and Red Antler, the leading branding company behind consumer products like Allbirds, Casper, and Prose, to name a few.
This investment represents the company's first institutional fundraise and will accelerate efforts to further international expansion, grow the team, and enhance Abound's tech offerings with the release of industry-first features.
Founded by Niklas de la Motte, Bill Shope, and Drew Sfugaras in 2019, Abound's marketplace is dedicated to discovering and supporting the most creative and innovative brands across the US and UK, as well as providing independent retailers with the support and products they need to compete with the brick-and-mortar and e-commerce behemoths.
All products on the Abound platform are listed at wholesale prices, as much as 50% below retail. This, coupled with Abound's free return policy and Net60 sale terms for qualified buyers, allows independent retailers to earn a healthy margin selling unique products that surprise and delight their customers.
"In a very short period of time, Abound has been able to attract thousands of brands and retailers across the US and UK with our personalized and maker-friendly approach to wholesale e-commerce," said Bill Shope, CEO and Co-Founder of Abound. "This funding will allow us to continue to attract and support the most talented small business owners across North America and Europe."
This Series A raise follows a year of explosive growth for the company as demand for a modern wholesale platform hit an all time high. Since the start of 2020, the company has added over 180,000 products to their marketplace and experienced a 20-fold increase in monthly sales volume.
"My family has been in independent retail for the last 20 years. Growing up, I attended many industry events, so I have long understood how under-optimized the wholesale buying and selling experience is," said Harley Miller, Managing Partner at Left Lane Capital. "With the cancellation of most major trade shows in 2020 and 2021, emerging brands and independent retailers have been seeking new distribution channels to support their business ambitions. Abound offers an exciting and unique alternative to the legacy wholesale model at a time when small businesses need it most."
Abound's network of manufacturers and craftspeople have been able to sell to new and existing retailers safely throughout the pandemic. Simultaneously, Abound's network of retailers have been able to order inventory on their own timelines, allowing them the flexibility to provide their customers with the products they want and need in an efficient, cost-effective manner.
The close of this Series A round signifies an important milestone for not only the future of the company, but for its community, as it will empower Abound to continue stripping away the complexities and costs of wholesale distribution and allow the world's greatest emerging brands to focus their talents on creation and innovation.
To learn more about Abound, visit: www.helloabound.com.
About Abound: Abound is the leading wholesale marketplace serving brands and retailers in the US and UK. Offering over 190,000 products from thousands of brands, Abound offers retailers and brands a modern way to connect and build lasting business relationships. Abound is funded by Left Lane Capital, RiverPark Ventures, All Iron Ventures, and Red Antler. Abound is headquartered in New York City. Web: https://helloabound.com, Instagram: @helloabound, Facebook: www.facebook.com/helloabound, Pinterest: www.pinterest.com/helloabound/.
About Left Lane Capital: Left Lane Capital is a New York-based 'breakout' growth equity firm that invests in high-growth internet & consumer technology companies that build long-lasting customer relationships. For more information, please visit www.leftlanecap.com.
Media Contact:
Sara Morgan
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703-298-2243
SOURCE Abound
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