The funding comes a little more than two months after the startup raised $ 27 million in a funding round led by Norwest Venture Partners.
Brenton Howland, Ruben Amar and Alex Kopco founded New York-based Forum Brands in the summer of 2020, at the height of the COVID-19 pandemic.
“We are buying what we think are high growth A + e-commerce companies that sell primarily on Amazon and are looking to build a portfolio of category-leading stand-alone businesses on and off Amazon,” he told me. Howland at the time of the company’s last raise. “One source of inspiration for us is that we have seen how consumer goods and services have fundamentally changed for what we think will be for decades and decades to come, accelerating the digital transition. “
Since we covered the company in June, Forum Brands claims to have acquired several new brands, including Bonza, a seller of pet products, and Simka rose, a brand dedicated to babies and specializing in eco-responsible products. Simka sells to the US and the EU and is an example of how Forum is growing globally, Amar said.
Howland and Amar emphasize that the Forum team continues to prioritize quality over quantity when evaluating potential acquisitions. Although they meet 15-20 founders per week, they select the companies they choose to acquire.
“We continue to be a first-time buyer of quality, not quantity,” said Amar, noting that the company will always help a company build their brand even if they don’t yet meet the Forum’s quality threshold or if the founders just aren’t ready to sell.
The new funds will, of course, be used to acquire more e-commerce businesses. As part of the debt financing, Sajal Srivastava, co-CEO and co-founder of TriplePoint Capital, will join Forum’s board of directors.
“We are impressed not only with Forum’s long-term strategy and its ability to leverage the technology and deep collective experience of e-commerce and M&A, but also how Forum cultivates relationships with its sellers before and after partnering with them, ”he said in a statement.
At the time of its increase in June, Forum had about 20 employees. To date, he has around forty.
Forum’s technology uses “advanced” algorithms and over 100 million data points to feed brand information into a central, real-time platform, instantly rating brands and generating accurate financial metrics.
On August 31, we covered the news that Heroes was announcing a $ 200 million raise to double buying and scaling third-party sellers from Amazon Marketplace, another London startup aiming to do the same has announced significant funding on its own. Olsam, a roll-up game that buys from both mainstream and B2B merchants selling on Amazon through Amazon Fulfillment by Amazon Fulfillment Program, closed on $ 165 million – a combination of equity and debt that it will use to fuel its M&A strategy, as well as to continue to grow its technology platform and hire more talent.