Here is even more aggregator funding news!
Elevate Brands, a leader in acquiring and operating Amazon FBA businesses, announced today a refinancing and upsizing of their credit facility to $400M. Led by funds and accounts managed by BlackRock, this brings the company’s funding total to $590M.
With this fresh capital the company is on track to scale their portfolio to 45 brands over the next few quarters. This funding comes off the heels of their most recent $55M equity round in October 2021, led by Soroban Capital, with support from Upper90 and funds managed by Oaktree Capital Management, L.P.
“The Amazon Marketplace ecosystem continues to grow at a rapid pace with more opportunities than ever,” said Ryan Gnesin, CEO of Elevate Brands. “We are excited to partner with BlackRock as we continue our disciplined and highly selective M&A strategy.”
To date, Elevate Brands has acquired a robust portfolio of 32 Amazon FBA third party brands. The start-up has recently announced a first-of-its-kind initiative called “Cash or Coin” where they provide Amazon sellers the option to be paid out in bitcoin or USD when selling their business.
Now with 200+ employees, Elevate Brands’ team continues to grow. The startup has poached top talent highlighted by the recent appointment of Yury Gurevich, a former Amazon executive, who joined as Chief Operating Officer and Jonathan Sipling, a former Wayfair executive, who joined as Chief Revenue Officer.