101 Commerce Inc., an Austin, TX-based multi-brand, private-label ecommerce company, received its Series A funding round of undisclosed amount.
The round was led by Next Coast Ventures with participation from 3L Capital, Brian Sharples, founder of HomeAway, and Cotter Cunningham, founder of RetailMeNot.
The company intends to use the funds to acquire and invest in building private-label brands that utilize Amazon ‘FBA’ (Fulfillment by Amazon) as their main ecommerce platform and Amazon.com as their primary distribution channel.
Led by Richard Jalichandra, founder and CEO, 101 Commerce is creating additional operating leverage for growing FBA businesses by providing technology, supply-chain economies of scale, and big data marketing and analytics – traditionally challenges for niche, ecommerce brands.
The company expects to be profitable this year.
Jalichandra, formerly the CEO of BodyBuilding.com, iSocket, MapMyFitness, and Technorati, founded 101 Commerce after seeing the fast growth of the Amazon FBA marketplace. In 2017, the number of FBA businesses doing more than $100,000 in sales was 140,000, up from 70,000 in 2015.
Further, last year more than 20,000 FBA businesses did over $1 million in sales.