Elevate Brands, a US-based company focused on acquiring third-party businesses that sell products on Amazon’s online marketplace, raised $55m yesterday from investors including Novel TMT Ventures, a vehicle for telecommunications firm Novel Group.
FJ Labs, Acceleprise.VC and Mons Investments also contributed to the round, as did individual investors Pandu Sjahrir, Adam Jacobs and Rob Tarkoff.
Founded in 2016, Elevate Brands acquires, develops and operates third-party businesses that sell their products through Amazon.
The owners of third-party sellers can exit them in an acquisition deal with Elevate in under 30 days or partner it to retain a share of future earnings. The company plans to build a portfolio of 100 brands and expects to achieve $150m of revenue by the end of this year.
Ryan Gnesin, Elevate Brands’ CEO, said: “The commitment from our leading group of e-commerce and financial technology investors further validates our strategy and is a testament to our operational strengths that have led to rapid sales growth for our portfolio of brands.”