US-headquartered e-commerce holding company Perch completed a $775m series A round led by internet and telecommunications group SoftBank’s Vision Fund 2 yesterday.
The round also featured venture capital firm Spark Capital and alternative investment manager Victory Park Capital. It is the largest series A yet to be closed by a US-based company, according to Perch.
Founded in November 2019, Perch is acquiring direct-to-consumer e-commerce brands, particularly third-party merchants on online marketplace Amazon, in a bid to build a diversified online retail offering.
Several emerging companies are ploughing similar ground but Perch is among the first to raise corporate funding. It has bought more than 70 brands so far and targets category leaders with the potential to scale their businesses.
Chris Bell, Perch’s chief executive, said: “We plan to use these funds to invest in the team and platform, drive additional brand upside through additional channels and geographies and continue to acquire the best products and brands.”
Lydia Jett, partner at SoftBank Investment Advisers, which manages Vision Fund 2, added: “As one of the largest investors in eCommerce platforms globally, we understand the critical role third party sellers perform in driving Amazon’s marketplace growth.
“Through its unique technology platform, Perch is providing third-party sellers with the resources to help scale and manage their businesses. We are excited to partner with Chris and the Perch team to support their mission of developing great e-commerce brands.”
Spark Capital and Tectonic Ventures supplied $8m in funding for the company in April 2020 before they co-led a $124m round in October that included Boston Seed.
