If you’re into the tech scene, you probably know about all the buzz surrounding a startup that’s aiming to revolutionize the way people shop for goods online. It’s called 44 Acquco and it’s founded by two former Amazon employees. Here’s a brief look at its accomplishments to date and some of its goals for the future.
Founded by two former Amazon employees
Founded by two former Amazon employees, the Amazon Labor Union is a group of current and former employees working to establish better working conditions for its members. The organization seeks to raise the minimum wage to $30 an hour.
Amazon has long put up a wall of resistance to unions. But recently, employees have been coming out with their own complaints. One of the most notable incidents occurred when Gerald Bryson was fired from the company. He was allegedly a bully who was removed from the Staten Island facility after a video surfaced of him cursing at another employee.
In an effort to thwart unionization, the company has launched a social media campaign, a website to discourage workers from voting, and a series of anti-union banners at its LDJ8 sorting facility. All of this comes in the wake of a NLRB approval of the LDJ5 sorting facility’s union election.
Two years ago, two Amazon employees launched a safety protest, calling for the elimination of dangerous working conditions. They enlisted the help of more than 8,700 fellow Amazon workers. That number was enough to trigger the filing of a lawsuit against the company.
Generated more than $420 million in revenue last year
Acquco is one of the fastest growing aggregators on Amazon. They boast a 155 employee presence across the globe and have generated over $160 million in sales from 40+ acquisitions. Their revenue and EBITDA figures have increased by more than two orders of magnitude from the previous year. With a healthy amount of capital in hand, the team is ready to rewrite the rules of the game in the retail space.
Aside from the acquisitions, they have also been building a technology platform aimed at improving brand management on Amazon. In fact, a recent study of top sellers by revenue shows that brands grew in size at a compound annual rate of nearly 60 percent over the past four years. To that end, the company has launched a tech division dedicated to building out a centralized data and product platform. The company has its own proprietary lead generation systems, enabling them to get to market faster than their competitors.
Closed a $160 million Series A round
Acquco is an e-commerce platform that helps Amazon sellers grow their businesses. It was founded by former employees of the online retail giant. The startup has a unique operational edge that allows it to scale its portfolio to over $500 million in revenue by 2022.
Founded in 2020, Acquco was created by former Amazon staffers Raunak Nirmal and Wiley Zhang. They developed software to help Amazon sellers maximize their profits. Their team consulted with some of the biggest sellers in the world. Now the company is focusing on scaling its portfolio by acquiring third-party Amazon sellers.
Aflac Ventures, a venture fund backed by the world’s largest health insurer, is one of the investors. Other notable investors include Crossbeam, CoVenture and Singh Capital Partners.
The company’s latest funding round includes new and existing investors. One notable investor is the Abu Dhabi Investment Authority, which is an investor in Reliance Jio Platforms.
Another investor is former Goldman Sachs executive John L. Thornton, who has joined the Divergent Technologies’ board.
Goals for the future
Acquco is one of the fastest growing aggregators of companies that sell on Amazon. The company’s founders have spent the last five years building tools that maximize the profits of Amazon sellers. They plan to use the funds to expand their technology platform, build out the Acquco portfolio, and hire more employees.
In a recent Series A round, the company raised $160 million in debt and equity. Its investors include Singh Capital Partners, Crossbeam, CoVenture, and Aman Bhutani. According to the company, the money will be used to scale its portfolio to over $500 million in revenue by 2022. However, the company wouldn’t disclose its valuation.
Since Acquco’s founding in 2020, the company has scaled to over $100 million in revenue in a single year. Now, Acquco is in the process of acquiring third-party sellers on Amazon. Eventually, the company plans to launch a marketplace that will allow Amazon sellers to scale themselves post-acquisition.
