Wholesale marketplace Abound raised $36.7 million in a Series B funding round led by D. E. Shaw group, with additional support from PointState Capital, Left Lane Capital, RiverPark Ventures and All Iron Ventures.
The curated wholesale marketplace connects business owners and independent brands. This latest round of fresh capital brings the company’s total funding to $59.6 million.
Founded by Niklas de la Motte, Bill Shope and Drew Sfugaras in 2019 and headquartered in New York City, Abound finds and supports creative brands in the U.S. and the U.K. The startup also provides independent retailers with support and solutions to compete with physical stores and eCommerce giants.
“Demand for a modern wholesale platform is at an all-time high with skilled workers leaving large companies to bet on themselves as retail and product entrepreneurs,” said Shope, who serves as the CEO of Abound.
“At Abound, everything we do is centered around supporting small businesses. That mission is what drives our strategy and the day-to-day activities of our team. This funding round is validation that some of the best investors in the world share our vision that small businesses will lead the transformation of wholesale,” he said.
In February, the company’s $22.9 million Series A round was led by Left Lane Capital, and came as the startup was experiencing a surge in growth. Abound’s year-to-date GMV is four times more than it was last year.
Abound’s marketplace has more than 400,000 products available, plus an active network of more than 40,000 retailers across the U.S. and the U.K.
“As longtime investors in online marketplaces, we believe the wholesale commerce and trade show space, which is large and highly fragmented, will benefit from Abound’s innovative online model,” said Edwin Jager, managing director and head of fundamental equities for the D. E. Shaw group.
“Abound empowers retailers to conveniently source and manage inventory from emerging and curated brands, while extending those brands’ audience reach and accelerating their time to market. We’re excited to support Abound’s strategic direction through our investment and board seat,” Jager said.