Office located in San Jose, CA
Shopify business acquisition company
Job no longer available
Shopify business acquisition company
101-200 employees
Job no longer available
Office located in San Jose, CA
101-200 employees
To provide life-changing liquidity to ecommerce entrepreneurs.
Jump to section
To provide life-changing liquidity to ecommerce entrepreneurs.
Founded in spring 2021, OpenStore helps entrepreneurs looking to sell their Shopify businesses. The platform buys businesses directly, making automated bid offers within 24 hours of a company submitting their details, and closing the deal in as little as 1 week with no transaction fees.
This is an improvement on legacy brokerage services, which typically take a hefty cut and can make for slow sales. It is likely to prove appealing to the 80% of small Shopify sellers reportedly amenable to acquisition. With the hefty investment they raised within months of being founded, which nearly tripled by winter, they are swiftly onboarding talent to scale up and refine their model.
It’s a model that sees OpenStore follow in the footsteps of other holding companies like Thrasio, who provide a similar service for Amazon brands and have enjoyed significant success. The concern here is whether or not OpenStore can hold its own against rivals turning their hands to the Shopify space, especially as this business model has been adopted by many new players like Pattern Brands and Perch. That being said, OpenStore appears to be keeping its head above the water, having closed a funding round of $32 million led by Lux Capital in September 2022.
Kirsty
Company Specialist
Sep 2022
$32m
LATE VC
Nov 2021
$75m
SERIES B
This company has top investors
Founders
Matt Lanter
(Head of Product)Matt has previoudly been Chief of Staff at Founders Fund to Keith Rabois. Before this, they served as Engineering Manager at OpenDoor, and Technical Lead at Facebook.
Jeremy Wood
(Head of Engineering)Previously worked in Engineering at One Kings Lane and Google.
Michael Rubenstein
(President)Previously Founder & General Manager of DoubleClick Ad Exchange (which later became part of Google). Since then, has been on Board of Directors at IAB and President & Board of Directors at AppNexus (later rebranded as Xandr).
Office
Jobs (3)
Software Engineering
Marketing