OpenStore is a company-aggregator that connects merchants with customers to create single unified shopping experience by using access to information, data, and capital. The company’s aim is to offer instant liquidity to e-commerce merchants.
The investment round was led by Lux Capital. Josh Wolfe, founder of Lux Capital, “believes OpenStore’s model is the future of online retail,” and that its “focus on accelerating the path to liquidity for Shopify merchants means that OpenStore is especially relevant and valuable in challenging economic times.” Among other participated investors are Atomic, Founders Fund, General Catalyst and Khosla Ventures.
OpenStore, Miami, the USA, was founded by Jack Abraham, Jeremy Wood, Keith Rabois, Matt Lanter, and Michael Rubenstein in 2021. The company focuses on acquiring Shopify-based companies. To achieve this, OpenStore uses mechanical and automated way to identify which Shopify-based business worth acquiring. OpenStore applies special software to evaluate, price, and make offers on merchants that selling through Shopify. Brand acquisitions include Jack Archer, Yogaste, Barn Chic Boutique, and Wearva. Beisdes, there are dozens of completed acquisitions. “It was a hot market last year, but we are very strict now about valuation and what a business is worth and making offers that we are comfortable with,” Keith Rabois. OpenStore employee team consists of over 100 employees.