BOSTON, April 7, 2020 /PRNewswire/ -- Perch, a technology-driven commerce company that acquires and operates top Amazon FBA (fulfillment by Amazon) businesses with winning products in their respective categories, today announced that it has closed $8 million in funding. The round was led by Spark Capital with participation from Tectonic Ventures. Perch will use the funds to acquire category-leading products, build out its core team, and further invest in technology and infrastructure.
Led by an experienced team from companies that include Wayfair and Bain & Company, Perch sees potential in the fragmented landscape of Amazon FBA products. Third-party Amazon FBA products make up more than 60 percent of all Amazon online sales, but many of the most successful entrepreneurs are looking for liquidity or don't have the resources to take their products to the next level. Perch taps into this market opportunity and, through a combination of technology, operational efficiencies, and business relationships, believes it can transform Amazon winners into global winners.
"We are excited to have raised this round, and are already at work acquiring top products in their respective categories," said Chris Bell, CEO of Perch. "We are also looking forward to working with the teams at Spark Capital and Tectonic Ventures, firms that have a strong track record of success."
Perch has already acquired a number of top performers across multiple categories, including Flathead Products (silicone straws), Beachr (sand anchor for beach umbrellas), Bodymate (hip brace for Sciatica), and Aulett Home (cooking products), among others. Through this acquisition strategy, Perch is building a collection of trusted products and brands that consumers can rely on when buying goods online.
Unique to Perch is its focus on technology to grow and optimize top-performing products, and its implementation of a 48-hour response time to entrepreneurs, enabling the company to engage entrepreneurs directly and to move rapidly and cost-effectively through the acquisition process, benefitting both entrepreneurs and the company.
"There is tremendous opportunity to use technology to create the next generation Consumer Products company," said Alex Finkelstein, General Partner Spark Capital. "The team at Perch is experienced and brings together the best possible combination of talent for this venture."
Finkelstein will join Perch's board as its first outside director.
To learn more about Perch, please visit: www.PerchHQ.com
Perch is a technology-driven commerce company that acquires and operates Amazon FBA businesses with winning products in their respective categories. Perch seeks high-quality products and brands that have a steady history of strong customer reviews, are consistently one of the top three products within their category, and have potential for expansion. Perch quickly evaluates opportunities, guaranteeing entrepreneurs a 48-hour response on their businesses' fit with its model and valuation range, providing a fast and risk-free way to understand their company's potential.
For more information, please visit: www.PerchHQ.com
About Spark Capital
Spark Capital is an early and growth stage venture capital firm that takes risks on exceptional founders and the products they design. Spark invests in companies at all stages of their life cycle and was an early backer of Twitter, Oculus, Plaid, and Wayfair, among others. The firm's most recent funds include a $450 million early-stage venture fund and a $900 million venture growth fund. In total Spark has $4.2 billion under management with offices in San Francisco, Boston, and New York. For more information, please visit www.sparkcapital.com.
About Tectonic Ventures
Tectonic Ventures partners with authentic entrepreneurs solving meaningful problems across the Enterprise landscape through technology-enabled solutions that have lasting value in the networks, data, and platforms they create. We are building a new type of venture firm necessary for the increasing time that founders need to be ready for their Series A round. We become trusted advisors and collaborators, nurturing teams as they scale and develop world-class execution. We invest and partner with entrepreneurs from inception to seed stage. We provide experience, an expansive network, and, as entrepreneurs ourselves, the right mindset to help founders realize their vision. Remarkable founders have a vision that will shift the future. Learn more: www.tectonicventures.com