Brand marketplace Ankorstore raises $100 million for Europe expansion

By Reuters

<p><body> <p><span class="caps">BERLIN</span> (Reuters) – Ankorstore, an online marketplace that connects independent brands with local retailers, said on Monday it had raised $100 million from investors and would invest the proceeds in expanding its footprint across Europe.</p> <p>The Series B funding round comes just five months since the last raise by the Paris-based startup, which said it has trebled its business during the course of 2021 even as many shops remained closed due to coronavirus restrictions.</p> <p>Ankorstore, whose founders include veterans of arts and crafts platform Etsy, has expanded access to over 5,000 curated brands and brought on board more than 50,000 independent retailers.</p> <p>Co-founder Nicolas Cohen said Ankorstore would focus its investments on Britain, Germany, the Netherlands and Sweden.</p> <p>“Brands and independent retailers understand our mission, which is to help them to propose an alternative to the massification and standardisation imposed by the e-commerce giants,” Cohen said in a statement.</p> <p>The investment round was led by Tiger Global and Bain Capital Ventures, with existing backers Index Ventures, Global Founders Capital, Alven, and Aglae also participating, Ankorstore said.</p> <p/> <p> (Reporting by Douglas Busvine, Editing by Sherry Jacob-Phillips)</p> </body></p>