New Amazon-Focused Businesses Secure Funding
Two Amazon (AMZN)-focused businesses, Heyday and SellerX, raised fresh funding as demand for ecommerce continues to climb. Heyday, a company founded in August, buys and grows Amazon vendors. Third-party sellers generate about 60% of Amazon’s product sales—up from 30% in 2008. Heyday recently announced that it raised $175 million in a Series A round from investors including General Catalyst, Khosla Ventures, and others. The company has already purchased several brands across categories including furniture and beauty, and it anticipates generating $20 million in annualized revenue by the end of the year.
SellerX is also gaining ground in the ecommerce landscape through working with Amazon. The Berlin-based company’s strategy is to buy and consolidate small Amazon vendors and create economies of scale. The company recently secured $118 million in seed funding co-led by Cherry Ventures, Felix Capital, and TriplePoint Capital.
Fresh Funding for Afresh
Afresh, a company that creates software to help grocery stores keep track of their fresh produce, just raised $13 million in an extension of its Series A round. The company is now valued at $100 million.
Afresh leverages artificial intelligence and other resource planning technologies used by manufacturers to manage the flow of fresh produce in stores. The company’s strategies reduce food waste and help stores boost their revenue. Afresh reported that stores using its technology reduce food waste by 25%. It also raised its produce operating margins by 40% and its top line revenue growth by 2% to 4%. The pandemic and the subsequent ecommerce boom has led grocery stores to incorporate more technology into their operations. More and more stores are looking for solutions like the ones Afresh provides. With its new capital, Afresh will be better able to meet this rising demand.
ZenBusiness Helps Companies Adapt to a Changing Landscape
ZenBusiness is a company working to streamline the process of opening a business. The platform is a one-stop-shop for building a website, dealing with regulations, and more. It was founded by Ross Buhrdorf, the creator of HomeAway.
The Austin-based startup just raised $55 million in a Series B round led by Alex Lazarow of Cathay Innovation. ZenBusiness has provided services to over 80,000 small businesses. Its revenue has climbed over 100% this year. In a difficult job market, many people are starting their own businesses. Additionally, almost all businesses have had to adapt their strategies during the pandemic. Many have turned to ZenBusiness for help launching online operations or applying for licenses in multiple states because their employees are working remotely.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.