Ecommerce Startup Company Abound Raises Nearly $23 Million in Funding for Wholesale Marketplace

By James White Friday, February 19, 2021

In the age of ecommerce dominated by companies like Amazon, which offers millions of products of varying quality, it can be hard for entrepreneurs to consistently find high-quality products to stock the shelves of their startup companies. While Amazon offers wholesale business-to-business (B2B) transactions, other businesses like startup company Abound seek to offer business owners new and up-and-coming brands at affordable prices.

During their recent business Series A funding round led by Left Lane Capital, the ecommerce startup company raised $22.9 million from investors, bringing the total funding for the business to $27.1 million.

“Growing up, I attended many industry events, so I have long understood how under-optimized the wholesale buying and selling experience is,” said Harley Miller, Left Lane Managing Partner. “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.”

A businesswoman using a tablet in her store.

Phasing Out Trade Shows With an Online B2B Marketplace

Founded in 2017 by entrepreneurs Bill Shope, Drew Sfugaras, and Niklas de la Motte, the startup company provides a much-needed platform for new brands to gain exposure to potential retailers, as well as an opportunity for small businesses to find unique items to draw in customers.

“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,” Shope said.

Abound’s blog is flush with posts highlighting brands across a wide array of departments, including home, beauty, food and drink, and more. The “brand spotlights” often include interviews with the craftspeople behind the products on the ecommerce marketplace, which allows retailers to learn about how the items are manufactured and who is responsible for making them.

The startup company claims to have added 180,000 new products to its online marketplace in 2020 and seen a twentyfold increase in monthly sales volume.

B2B Ecommerce Industry and Competitors

The B2B ecommerce market is massive and filled with powerful competitors. Market research expects the global B2B ecommerce market size to reach an estimated $20.9 trillion by 2027. The value of the industry comes as no surprise when giant companies like Amazon and Alibaba are among the top competitors in the market. Abound aims to find its niche in the industry by offering unique and rising brands, rather than an overwhelming number of products like its competition.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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