Go North, Aiming to Become Europe's Next Unicorn, Closes 77.5M SEK in Seed Round Led By eEquity
PR95309
GOTHENBURG, Sweden, Apr. 6, 2022 /PRNewswire=KYODO JBN/--
As 2021 ended, Go North (https://gonorth.co/) started their journey to become
Europe's next unicorn. Amazon's incredible success is partly driven by
third-party sellers, and the idea of aggregating these smaller brands under an
operational umbrella to increase profitability has shown great success. It's a
competitive industry with impressive funding rounds, but Go North, however, is
different from most of their competitors. Instead of coming from traditional
M&A backgrounds, they're a team of Amazon entrepreneurs themselves—and uniquely
able to connect with FBA (Fulfilled-By-Amazon) entrepreneurs because of it.
"As FBA entrepreneurs, we got quite a negative impression of the aggregators.
We heard stories about intentionally complicated legal work, and even buyers
operating brands at a loss to avoid payouts. It was a system that had to
change. So, we decided to change it—and start an aggregator by entrepreneurs,
for entrepreneurs." Johan Hallenby, founder & CEO.
The team has grown to nearly 20 people, with several experienced key hires in
place with backgrounds from e-commerce, M&A and IPOs. The company targets an
ambitious 1bn SEK in revenue with good profitability within three years,
enabled by a high acquisition rate and accelerated brand profitability.
eEquity, who led the round, is the most active Nordic investor in digital
growth, with the ambition of building market leading businesses, in close
partnerships with entrepreneurs. The seed round also included seasoned angel
investors such as Alexander Hars (System OK + Let's Deal), Ludwig Mattsson
(Gavia group), Victor Hielte (Ernstrom Group), Caroline Ingeborn (Leap & Toca
Boca), Peter Lindholm (Frontier Car Group), Lena Apler (Collector Bank), Magnus
Emilson (NA-KD & Ess Group) William & Kim Olsson (Stena + Sessan) Gustav
Eriksson (Stena + Formica), Sujay Tyle (Merama), and Karin Hallin (Partners
Group).
"Go North is about more than just acquiring Amazon brands. It's about providing
resources to entrepreneurs. By selling their Amazon FBA brand to Go North, they
get the funding to do what's next. To go further, to go faster. We're building
an ecosystem of e-commerce entrepreneurs, believing that we can change the
industry for the better, together."
The philosophy seems to resonate. They have in just a few months built a
portfolio of 11 brands, with impressive post-acquisition growth (YoY), and they
have big plans for the future. Fueled by further large debt and equity rounds,
with plans to raise several hundred million SEK, they aim to acquire a new
brand every week.
Photo - https://mma.prnewswire.com/media/1778882/Go_North.jpg
Photo - https://mma.prnewswire.com/media/1778945/Johan_Hallenby_founder_CEO.jpg
Logo - https://mma.prnewswire.com/media/1779318/Go_North_Group_AB_Logo.jpg
Source: Go North Group AB
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。