This is an interesting overview of some of the investment now going into FBA aggregation. It tells a story of consolidation, aggregation, and entrepreneurship both in the FBA and the aggregator space.

While many of us will spend a fair amount of money on Amazon this holiday season for gifts, venture capitalists and others are instead putting their money into companies that buy up brands on the Goliath’s marketplace.

Just on Tuesday, San Francisco-based Heyday announced it locked up a $555 million Series C that reportedly valued the company at more than $1 billion. That round is far from the only big round in the space, as a wave of startups have raised huge sums of both equity and debt in order to buy smaller merchants on large marketplaces such as Amazon, Walmart or a variety of other platforms both domestic and international.

“No question, there’s a tremendous investor appetite for aggregators right now,” said Carlos Cashman, co-founder and CEO of Thrasio—which last month announced the initial closing of a $1 billion Series D at a reported valuation of between $5 billion and $10 billion.

The massive sums of cash are needed to acquire smaller merchants, which are then integrated into these aggregator’s platforms that use data and analytics to help the brands scale up growth they otherwise may not experience.

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