US-based third-party e-commerce seller Elevate Brands received $250m in funding on Monday from investors including Novel TMT, the investment vehicle for telecommunications firm Novel Group.
The round also featured investment firm FJ Labs, undisclosed existing backers and private investors including Sean Glass, Forrest Li and Ted Zagat.
Elevate Brands uses big data technology to pinpoint successful sellers on Amazon’s e-commerce marketplace, acquire them and enhance their product sales. Its current portfolio incorporates more than 25 consumer brands.
The company had raised $55m from Novel TMT, FJ Labs, Acceleprise.VC, Mons Investments and various individuals in February this year, and it said this week its overall funding for 2021 now stands at $317m.
Ryan Gnesin, Elevate Brands’ chief executive, said: “There is strong investor interest in our business model, and we intend to maintain and accelerate our position as a leader in the space with long-term thinking and world-class execution.
“We are one of the fastest-growing Amazon aggregators and our strong post-acquisition growth over the past 18 months is a testament to the quality of our team. We are excited to continue our aggressive expansion into key international marketplaces over the coming months.”
