Abound, a curated wholesale marketplace designed to connect small business owners and independent brands in the U.S. and UK, has closed a $22.9 million Series A financing round led by Left Lane Capital, with additional support from RiverPark Ventures, All Iron Ventures and Red Antler, the branding company behind Allbirds, Casper and Prose.
This investment represents the company’s first institutional fundraising effort. The funds will be used for further international expansion, to grow its team and to enhance Abound’s tech offerings.
Designed as an alternative to the traditional wholesale model, Abound allows manufacturers and craftspeople to sell to new and existing retailers safely throughout the pandemic while offering retailers the flexibility to order inventory on their own timelines.
Since the start of 2020, the company said it has added more than 180,000 products and experienced a 20X increase in monthly sales volume. All products on the Abound platform are listed at wholesale prices, and the platform also features a free return policy and net 60 sale terms for qualified buyers.
“My family has been in independent retail for the last 20 years,” said Harley Miller, Managing Partner at Left Lane Capital in a statement. “Growing up, I attended many industry events, so I have long understood how under-optimized the wholesale buying and selling experience is. 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.”