Gothenburg, Sweden-based Go North, an e-commerce aggregator operated by Amazon FBA (Fulfilled-By-Amazon) entrepreneurs, announced on Monday that it has raised SEK77.5M (approximately €7.49M) in its Seed round of funding.
Go North plans to continue the expansion of its operations and its business reach with the raised capital.
The round was led by eEquity, a growth investor focused on digitally enabled business models, primarily in the Nordics, with an ambition to develop into European or global champions.
The investment also saw participation from angel investors such as Alexander Hars, System OK and 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 and Sessan; Gustav Eriksson, Stena and Formica; Sujay Tyle, Merama; and Karin Hallin, Partners Group.
Led by founder and CEO Johan Hallenby, Go North is an e-commerce aggregator which acquires and scales brands on Amazon and beyond. The company says it is more about providing resources to entrepreneurs than just acquiring Amazon brands. “We’re building an ecosystem of e-commerce entrepreneurs, believing that we can change the industry for the better, together,” mentions Go North on its website.
Johan Hallenby says, “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.”
The company’s team has grown to nearly 20 people now, with several experienced key hires in place with backgrounds in e-commerce, M&A and IPOs. It targets an ambitious SEK1B (nearly €96.74M) in revenue with ‘good’ profitability within three years, enabled by a high acquisition rate and accelerated brand profitability.
In just a few months, Go North has already built a portfolio of 11 brands with a ‘good’ post-acquisition growth (YoY) and has big plans for the future. The company aims to acquire a new brand every week.