US based start-up Abound has raised USD 22.9 Million on 18th of February, 2021 in a Series A funding round led by Led by Left Lane Capital with the participation from RiverPark Ventures. The company has secured a total of USD 27.1 Million in funding over 4 rounds.
Investors: The association has acquired a capital of around USD 22.9 Million in Series A funding round led by Left Lane Capital, RiverPark Ventures along with the participation of previous investors like All Iron Ventures and Red Antler.
What the funding is for: The fresh funding would be utilised for expanding their reach globally. According to the sources, the company is also planning to increase their team with the increase in production of products.
Founder of the company: Bill Shope, Drew Sfugaras and Niklas de la Motte
Founded year: 2017
About the company: Abound is a privately held wholesale market place which helps small businesses to compete with the retail giants. Its headquarters are established in the Greater New York Area, East Coast, North-eastern US and has a work strength of 50 – 100 hardworking employees. The main aim of the organization is to empower small and independent retailers to build relationship – building tools.
What the CEO has to say: “From a retail perspective, I don’t think there’s any going back (to pre- COVID buying models,)”
“The bricks and mortar that were succeeding had a very powerful hybrid model.”
“After all, even before the pandemic, independent retailers had to compete with giants like Amazon and Walmart. You are not going to beat them on convenience products. The store that’s helping consumers discover new brands, or donating 10% of profits to charities – those are types of stories and products you need to have to draw consumers into your store.” — Bill Shope, CEO of the company.
What the investors have to say: “My family has been in independent retail for the last 20 years. Growing up, I attended many industry events, so I have long understood how under – optimized the wholesale buying and selling experience is. With the cancellation of most major trade shows in 2020 and 2021, emerging brands and independent retailers have been seeking new distribution channels to support their business ambitions. Abound offers an exciting and unique alternative to the legacy wholesale model at a time when small businesses need it most.” — Left Lane Managing Partner Harley Miller.
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