An online marketplace for independent retailers, Abound has announced that it has raised
$22.9 million in its first institutional round of funding. This firm helps
merchants stock their shelves with new products from up-and-coming brands.
According to its CEO Bill Shope, retailers are constantly
looking for more items. Sometimes to do so, they have to go to the trouble of attending
trade shows several times a year. Thanks to Abound, they do not have to worry
about that. The platform gives them the opportunity to find items through an online shopping experience at wholesale
prices. As such, they are able to enjoy discounts of up to 50%, free returns
and in some cases, they do not have to settle the bill until 60 days after the invoice.
Abound was first launched as a community project which aimed
to connect manufacturers’ representatives and retailers. However, this
operating mode was not really efficient. Some retailers were asking to purchase
from brands directly. So the firm decided to change things to support this
decision. As such, they recruited 50 brands with an offer for free consulting.
The only condition was that the latter should be willing join the Abound
marketplace when it launched in October 2019. After that, with the pandemic and
the rise of e-commerce, things grew considerably.
Abound helps small retailers © Royalty-free image
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