French Start-up Ankorstore Attains Unicorn Status With The Latest Round of Funding

  • 12th Jan 2022
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French Start-up Ankorstore Attains Unicorn Status With The Latest Round of Funding

In less than two years, French Start-up Ankorsstore has achieved unicorn status with a valuation of 1.75 billion euros. Founded by four French entrepreneurs and backed by 250 million euros in funding from investors including LBA Innovation (100), Earlybird Venture Capital LLP., NowLive Ventures SPCAvenir - one of France’s most valuable venture capital firms- this company helps small businesses sell their products across Europe to shop owners who are looking for something different than the big brands that offer on eCommerce sites or physical stores.

In just two years, the Ankorstore business-to-business marketplace designed to level the playing field for independents has attracted 200,000 retailers and 15,000 brands across Europe and has reported that sales volume increased by 950 percent between 2020 and 2021.

The 250 million euro Series C funding round was led by Bond and Tiger Global with the participation of Eurazeo and Coatue as well as all existing investors Index Ventures, Bain Capital Ventures, GFC, Alven and Aglae.

Ankorstore explained that the investment would be used to expand geographically, currently, it operates in 23 countries, and accelerate its activities in its core European market, including the UK, France, and Germany. In addition, it has plans to add new categories such as sports and wellbeing and pets to its current five key retail sectors - home, grocery, fashion, beauty and kids.

Nicolas Cohen, co-chief executive and co-founder of Ankorstore, said in a statement: “Our mission is to create a global wholesale business to swing the balance in favour of independents. We want to make things easy and simple for brands and independent retailers to do business together, being a part of their daily lives and changing the outdated habits of how retail works today - for the better.

“This funding will allow us to expand geographically and accelerate activities in our European core markets. Today, we operate in 23 countries and have offices in Paris, London, Berlin, Amsterdam and Stockholm. In 2022 we will open offices in Italy and Spain so we can be as close to our brands and retailers as possible.”

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