SellerX, a Berlin, Germany-based eCommerce aggregator, acquired Elevate Brands, an Austin, TX-based aggregator of eCommerce businesses.
The amount of the deal – expected to close by the end of June 2023, subject to customary completion conditions – was not disclosed.
In connection with the acquisition, a number of existing SellerX shareholders are investing new equity financing of more than €60m. The investment is led by Sofina with participation from L Catterton, Cherry Ventures, Felix Capital, 83North, Upper90 and TRCM Fund.
This acquisition brings together two key players in the aggregator space, each of which have established themselves as reputable partners for marketplace-native sellers in their respective markets. The combined business, SellerX Group, will become one of the largest and most profitable global consolidators of eCommerce brands with total sales of over €400m, a global footprint, and a diversified product portfolio of over 80 Amazon-native consumer brands. SellerX Co-CEOs Philipp Triebel and Malte Horeyseck to lead SellerX Group with Elevate Brands co-founders (Ryan Gnesin, Jeremy Bell, Robert Bell) remaining in key leadership positions.
Founded in 2017, Elevate Brands is a U.S.-based eCommerce aggregator with a focus on building high quality omni channel brands. It manages 32 brands across a variety of evergreen product categories.
SellerX is an eCommerce player that aims to consolidate Amazon’s sellers, acquiring them to scale their business and turn their brands into global household names. Founded in 2020, SellerX has become one of the largest and most successful eCommerce aggregators in the European market and today it manages more than 50 ecommerce brands.
FinSMEs
01/06/2023