OpenStore’s post-money valuation is $250M. Here are the top-line bullets you need to know.
OpenStore, a company that buys out Shopify merchants, has raised $30M in a Series A with participation from Khosla Ventures, General Catalyst, Founders Fund, and Atomic Management.
HOW’S THE COMPANY PERFORMING?
- Miami-based OpenStore acquires small Shopify brands and acts as a holding company. It places automated bids for platforms on Shopify that have less than $5M in sales.
WHY DOES THE MARKET MATTER?
- The e-commerce market is projected to grow at a CAGR of 22.9% to reach a value of $16.2T (by 2027), according to Meticulous Research.
- The Covid-19 pandemic has accelerated the growth of online purchase platforms. Even prior to that, investment by most e-commerce brands had increased by more than 50% between 2019 and 2020.