Abound plans to use the funding to introduce live-selling capabilities geared toward enhancing brand-retailer interactions. Here are the top-line bullets you need to know.
Abound, a curated wholesale marketplace, has raised $36.7M in a Series B. The round drew participation from PointState Capital, Left Lane Capital, and RiverPark Ventures, among others.
How’s the company performing?
- New York-based Abound’s wholesale marketplace connects US- and UK-based independent brands and small retailers, with the aim of helping the former become more discoverable and the latter more competitive.
- The company has witnessed 4x gross merchandise value (GMV) growth YTD.
- Abound’s marketplace currently offers more than 400K products and hosts a network of 40K active retailers across all 50 US states and the UK.
- The company currently has a team of more than 50 employees.
Why does the market matter?
- The global B2B e-commerce market is projected to grow at a CAGR of 18.7% and reach a value of $25.65T by 2028, according to Grand View Research.
- Several vendors have adopted digital transformation initiatives to ensure smooth operations, which has increased the demand for technologies to help manage online shopping operations, payments processing, and more.
- The onset of the Covid-19 pandemic and subsequent rise in the volume of online purchases have also contributed to market growth.