Wholesale Marketplace Abound Notches $22.9 Million In Series A

Wholesale Marketplace

Wholesale marketplace Abound landed $22.9 million in a Left Lane Capital-led Series A financing round, with further support from Red Antler, All Iron Ventures and RiverPark Ventures, according to a Friday (Feb. 19) announcement.

The funding comes on the heels of a year of strong growth for the firm, according to the announcement, which noted that the company brought more than 180,000 items onto the marketplace and had a 20-fold rise in monthly sales volume since the beginning of 2020.

“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,” Abound CEO and Co-Founder Bill Shope said in the announcement.

Shope said the infusion will let the company keep attracting and helping “the most talented” owners of small companies throughout North America and Europe.

Each item on the company’s platform is listed at a wholesale price, which could be up to 50 percent under retail. That price, along with the company’s complimentary return policy and Net 60 sales terms for eligible purchasers, lets independent merchants receive a strong profit selling unique merchandise that surprises and satisfies their clients, according to the announcement.

Abound’s marketplace was started by Shope, Drew Sfugaras and Niklas de la Motte in 2019. It is focused on finding and helping “the most creative and innovative” brands throughout the United States and Britain, while giving independent merchants the help and merchandise they require to rival large physical and digital retail companies.

In separate retail investment news, headless commerce technology company Fabric recently raised $43 million in a Series A funding round headed up by Norwest Venture Partners with further participation from Redpoint Ventures and Sierra Ventures. The funds will be harnessed to accelerate product development of its headless commerce technology, expand the Fabric workforce and meet the climbing demand for its technology.