Mar 7, 2023

The Tiger Global-backed company has raised 365 million euros (around $387 million) to date. It is the latest high-profile Tiger Global startup to slash jobs, following on from Stripe and Getir. Ankorstore, a $2 billion marketplace startup that counts US investing giant Tiger Global among its biggest backers, is set to cut a substantial amount of its workforce, sources say. The Paris-based company, which was founded in 2019 by veterans of Etsy and Vestiare Collective, has built a wholesale platform that connects independent shop owners with retailers. France's Ankorstore has raised 365 million euros (around $387 million) to date and is also backed by Coatue and Index Ventures. The company is currently undergoing a sizable reorganization that will result in job cuts, four Paris-based venture capitalists and another London-based source told Insider. The cuts could result in around half of Ankorstore's workforce leaving the business, inclusive of a cut of around 20% of staff last October, one industry source estimated. Ankorstore employed around 400 people in February 2022 but LinkedIn estimates that around 600 people currently work at the startup. A post referencing the reorganization has appeared on LinkedIn while over a dozen Ankorstore staffers have set their profiles to "Open for Work." A spokesperson for Ankorstore said the company was unable to comment on the matter. 2023 has been a busy year for tech layoffs after a difficult 2022, as companies look to cut costs and rein in burn amid an uncertain macroeconomic environment. So far in 2023, more than 450 tech companies have laid off more than 120,000 staff, according to the tracker site Layoffs.fyi. Investment firm Tiger Global had been a major pandemic startup investor, with a particular uptick in European deals through 2021. In keeping with the broader downturn in the sector, many of those well-funded startups are now slashing jobs. Others in Tiger's portfolio reducing headcount include Stripe, Checkout, Getir, and Messagebird. Ankorstore competes with US rivals like Faire, which was last valued at $12.59 billion and expanded into Europe in 2021. Faire also cut 7% of its 1,200-person workforce in November, The Record reported. Usually, smaller retailers struggle to compete with bigger players because the brands they want to showcase will have a high minimum order requirement. Ankorstore effectively acts as the middleman with a minimum order of 100 euros (around $106), allowing smaller retailers to buy a greater variety of stock. Brands are then charged a commission on sales by Ankorstore. Got a tip? Email the reporter Callum Burroughs at cburroughs@insider.com. Sign up for notifications from Insider! Stay up to date with what you want to know. Subscribe to push notifications