Fintech PR
Razor Group acquires US Amazon aggregator Perch and announces Series D financing round
- Razor Group has acquired Perch, the leading Amazon aggregator in the US, solidifying its position as the global leader in the aggregation of online marketplace consumer brands.
- This acquisition paves the way for Razor to reach over $1 billion in topline revenue in the medium-term and adds significant scale to its operations.
- The combined entity will manage an assortment of more than 40,000 products across various online channels in the US, UK, EU, and Latin America.
- The acquisition is part of Razor’s broader consolidation strategy in the e-commerce aggregator space, following successful acquisitions of Factory14, Valoreo and The Stryze Group.
- Presight Capital is leading Razor’s Series D financing round, demonstrating strong confidence in Razor’s long-term vision and further growth potential.
- The additional funding will be used to further invest in Razor’s technology infrastructure including leveraging advancements in artificial intelligence (AI) and large language models (LLMs) to achieve complete automation of Razor’s consumer-to-manufacturer (C2M) retail operations.
BERLIN and BOSTON, March 5, 2024 /PRNewswire/ — Razor Group (“Razor”) has acquired Perch, the leading Amazon aggregator in the US, solidifying its position as the global leader in the aggregation of online marketplace consumer brands and creating the #1 player in the industry.
The acquisition is part of Razor’s broader consolidation strategy, underscoring its capability to act as the key consolidator within the global e-commerce aggregator ecosystem, following successful acquisitions of Factory14, Valoreo and The Stryze Group.
It also paves the way for Razor to reach over $1 billion in revenue in the medium-term, add significant scale to its operations and create a highly profitable global technology and e-commerce powerhouse. The new combined entity will manage an assortment of more than 40,000 products across key brands selling on 30+ marketplace and direct-to-consumer channels in 10+ countries across North America, United Kingdom, Europe, and Latin America.
In conjunction with this acquisition, Razor is also announcing a Series D financing round, led by Presight Capital. This new round, against a challenging macroeconomic backdrop, underscores the strong confidence investors have in Razor Group’s long-term vision and its potential for further growth.
The additional funding will be used to further invest in Razor’s technology infrastructure throughout the entire supply chain. Moreover, recent developments in artificial intelligence (AI) and the emergence of large language models (LLMs) presents a valuable opportunity to achieve complete automation of Razor’s consumer-to-manufacturer (C2M) retail operations, optimising processes, improving efficiency, and driving faster product innovation cycles and delivery.
“The e-commerce aggregator space will undergo continued consolidation in the medium-term, driven by the current macroeconomic environment. The acquisition of Perch is a highly value-accretive and transformative transaction on Razor’s path to becoming a global technology-driven e-commerce powerhouse. Presight is delighted to lead this funding round and continue to support Razor on its future growth path. With this sizable investment, we are also doubling down on Razor’s technology stack and capabilities, led by its CTO Shrestha Chowdhury, to power the global marketplace ecosystem,” said Christan Angermeyer and Fabian Hansen, Co-Founders and General Partners of Presight Capital.
Tushar Ahluwalia, Co-Founder and CEO at Razor Group, commented: “We are excited to partner with Perch, the leading US player in our space. The transaction further strengthens our market leadership, solidifying Razor Group as the #1 player globally. In contrast to our peers, our focus has been to build the Western response to Chinese vertical C2M models like Temu and Shein, rather than an internet version of P&G. Therefore, our secret sauce has been to invest in sophisticated technology automation to ensure deep supply-chain integration and hyper-fast product innovation cycles right from the start, a prerequisite to making the model work and seeing us develop the industry’s leading automation stack. With the ongoing advancements in AI and LLMs, that work continues.”
Chris Bell, Founder and CEO of Perch, added: “Over the past 18 months, Perch has transformed its business through our proprietary technology, machine learning-based decision engine, and leading supply chain capabilities, creating one of the first large-scale, cash flow positive players in our space. This combination with Razor, which will combine the best technology and people across two top players in our industry, creates a clear global platform for the next stage of consolidation and growth.”
About Razor Group
Razor Group GmbH (“Razor”) was founded by e-commerce experts and serial founders Tushar Ahluwalia, Christoph Gamon, Shrestha Chowdhury and Dr. Oliver Dlugosch. The Berlin-based company acquires and operates profitable Amazon FBA businesses and other online marketplace sellers which have consistently demonstrated superior product quality, outstanding customer satisfaction and sharp business acumen. Razor pairs significant growth capital with extensive e-commerce and technology expertise, thereby ensuring that the acquired businesses reach the next stage in their development. Razor defines itself as a technology-driven e-commerce business to push world-class consumer products in relevant categories into all leading marketplaces globally.
About Perch
Perch is a technology-driven commerce company that acquires and operates Amazon FBA and other D2C brands at scale. With roughly 100 brands and 5,000 products, Perch offers a diversified portfolio of leading consumer goods across multiple popular categories such as Home & Living, Sports, Health and Toys. Through its proprietary technology platform, strong focus on the US Amazon sales channel, and leading supply chain capabilities, Perch has quickly become the established leader within the US Amazon aggregator segment. Perch was founded by Chris Bell in 2019 in Boston, USA.
About Presight Capital
Presight Capital is a leading venture capital fund with >$600m assets under management that backs ambitious founders across multiple sectors globally including Consumer, Fintech, Healthcare, Robotics etc. Presight was launched in 2019 by serial entrepreneur Christian Angermayer and seasoned investor Fabian Hansen, as the flagship venture capital investment arm of Apeiron Investment Group, the family office of Christian Angermayer. Since its inception, Presight has invested in 70+ companies and completed 8+ portfolio public listings.
Contact:
Ben Li
VP Corporate Finance
[email protected]
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Fintech PR
Corinex Ranked Number 331 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
Attributes 352% Revenue Growth to expanded product offerings, successful strategic partnerships, and increased demand for grid flexibility solutions in international markets
VANCOUVER, BC, Nov. 22, 2024 /PRNewswire/ — Corinex today announced it ranked 331st on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 30th year. Corinex grew 352% during this period.
Corinex’s chief executive officer, Peter Sobotka, credits the innovative collaboration with E.ON UK, E.ON Group Innovations, and Corinex on the launch of Corinex’s new product portfolio of grid flexibility solutions, and the expansion of its grid visibility solutions across Germany, with driving the company’s impressive revenue growth. This expansion includes partnerships with major Stadtwerke, such as Stromnetz Hamburg and Regensburg Netze, along with recent sales and deployments in the German market. Sobotka remarked, “Corinex presents a significant value proposition by resolving global grid constraints and providing the flexibility needed to scale low-carbon technologies (LCTs). Addressing this issue is essential for utilities, consumers, and providers of low-carbon technologies. It enables the protection of the grid, unlocks rapid revenue and profit growth through accelerated connections of LCTs, and facilitates mass consumer participation, which is critical for advancing worldwide government efforts toward decarbonization. Our solution can be implemented in any regulatory environment and energy market design, and it can be provided as a new system or by retrofitting the existing low-voltage infrastructure. We work directly with our customers and strategically with technology partners, including Accenture and E.ON, to scale our solutions globally and meet the demands of an evolving energy landscape.”
“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
About the 2024 Deloitte Technology Fast 500
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Corinex
Corinex is a pioneering provider of broadband over power lines (BPL)-based grid visibility and flexibility solutions, enabling the digital transformation of energy distribution systems worldwide. The company’s products accelerate the mass integration of low-carbon technologies (LCTs), automate electricity infrastructure, and transform the grid into a dynamic and intelligent energy system.
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Fintech PR
Cathay Financial Holdings Advances Climate Finance Leadership at COP29, Championing Public-Private Partnerships and Asia’s Low-Carbon Transition
TAIPEI, Nov. 22, 2024 /PRNewswire/ — Cathay Financial Holdings (Cathay FHC) has been actively participating in the UN’s 29th Climate Conference (COP29), aligning with global efforts to address urgent climate challenges. As the only financial institution from Taiwan to host a conference in COP29’s Blue Zone, Cathay co-host the “Asia Finance Event” with the World Climate Foundation (WCF). This is the fourth consecutive year of COP participation, Cathay FHC leverages this platform to engage with global stakeholders from government, industry, and academia, showcasing Asia’s perspectives in the climate finance dialogue and amplifying Cathay FHC’s influence in international climate action.
The “Asia Finance Event,” emphasized the critical role of climate finance in enabling a global low-carbon transition. Themed “Catalyzing Climate Finance via Public-Private Partnerships: Perspectives from Asia,” the event sought to strengthen collaboration between public and private sectors to create an enabling environment for low-carbon transition in Asia.
The event opened with remarks by Cathay FHC President Chang-Ken Lee, followed by a presentation by Sophia Cheng, Chief Investment Officer of Cathay Financial Holdings. Cheng moderated the event by inviting four panelists providing profound insights. Panelists included Anjali Viswamohanan, Director at the Asia Investor Group on Climate Change (AIGCC); Filipe B. Oliveira, Senior Advisor for Sustainable Energy for All (SEforALL); Hiro Mizuno, former Chief Investment Officer of Japan’s Government Pension Investment Fund (GPIF); and Laila Nordine, Senior Sustainable Finance Manager at the International Finance Corporation (IFC). Together, they discussed strategies and key success factors for accelerating climate finance growth, focusing on public-private partnerships for Asia’s hard-to-abate sectors—such as cement, steel, chemicals, and transportation—and the energy sector’s low-carbon transition. The discussions underscored the need for innovative solutions and partnerships to secure the necessary funding for a successful transition.
In his opening remarks, Lee stated, “This event provides a platform to explore new investment tools and financial models that can multiply climate finance. With profound experience in climate finance and public-private partnerships, the esteemed speakers and candidates’ share their valuable insight. Their expertise undoubtedly will enrich our discussion and inspire actionable solutions for advancing climate finance in Asia and beyond.”
Jens Nielsen, Founder and CEO of WCF, praised Cathay FHC as a model for leadership in sustainability and climate action. Reflecting on their four-year partnership, he commended Cathay FHC’s commitment to bold actions, innovative solutions, and a consistent dedication to sustainable finance, stating, “Cathay FHC has not only advanced its own sustainable practices but also set a benchmark across Asia’s financial industry.”
Cheng outlined the challenges Asia is facing in the low-carbon transition, noting that over 70% of global electricity demand growth is concentrated in Asia, projected to consume half of the world’s electricity by 2025. High-carbon emitting sectors account for over 40% of Asia’s GDP and employment, creating significant green and just transition risks. She emphasized the need for a robust climate finance ecosystem to ensure the transition actions are bankable and investable, highlighting that since Asia’s climate finance largely depends on public funds, effective public-private partnerships are essential to reach the $9 trillion annual global climate finance goal by 2030.
The expert panel addressed Asia’s low-carbon transition from three key lenses. First, on overcoming obstacles to public-private partnerships, Mizuno highlighted that blended finance includes time-consuming and complex designs which deter investors. He noted that standardizing procedures and models, along with involving local experts could save time and enhance investor engagement. Oliveira, despite the net-zero pledges committed by companies, called attention to inconsistencies in the carbon market. He suggested that unified standards for carbon trading could foster greater corporate commitment and accelerate climate finance.
Second, regarding the energy transition and hard-to-abate sectors in Asia, Viswamohanan stressed the importance of clearly-defined goals and timelines set by governments, along with tailored transition pathways for each sector. Nordine added that a just transition requires social safeguards to balance interests and minimize sacrifices, while Mizuno advocated for financial institutions, other than engagement with clients and investees, to work closely with policymakers to establish clear transition pathways.
Third, regarding climate finance through comprehensive public-private partnerships, Nordine called for aligning financing efforts to avoid keeping subsidizing or investing in high-emitting industries while supporting green energy. Cheng concluded that multi-stakeholder climate finance platforms are essential for sharing expertise and fostering actionable projects across governments and the private sectors, driving systemic change. Mizuno echoed this, emphasizing that while sustainable actions are costly, the cost of inaction is far greater, commending Cathay FHC’s leadership in climate finance.
Cathay FHC has a long-standing commitment to sustainable finance through RE100 membership, SBTi-aligned carbon reduction targets, and increased low-carbon investments. In 2024, Cathay joined AVPN and is the anchor sponsor for the Asia’s Clean Energy Transition Initiative launched by AVPN to foster fair and equitable energy transitions across Asia-Pacific.
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SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a pioneer in digital payment solutions, and Polygon Labs, a software development company building the leading network of aggregated blockchains via the AggLayer, today announced their strategic collaboration aimed at unlocking the full potential of digital finance, focusing on the expansion and adoption of WUSD, WSPN’s flagship stablecoin.
WSPN has integrated Polygon PoS into its WUSD network infrastructure earlier this year. Now, this collaboration will focus on rapidly expanding WUSD adoption. Polygon Labs’s crucial liquidity support will be instrumental in bolstering WUSD’s mass adoption across various markets.
This collaboration will unlock opportunities to explore a range of innovative use cases for stablecoins, payments, and DeFi. Key areas of focus include facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing on-chain green finance projects tailored for African clients, and building robust DeFi platforms that leverage the strengths of both WSPN and Polygon technologies. These initiatives are strategically designed to address diverse market needs and drive the adoption of WUSD across a variety of regions and sectors.
By combining WSPN’s expertise in stablecoin solutions with Polygon’s advanced blockchain infrastructure, this collaboration will drive significant advancements in the digital asset space, particularly in emerging markets and the rapidly evolving DeFi sector.
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN ‘s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
About Polygon Labs
Polygon Labs is a software development company building and developing a network of aggregated blockchains via the AggLayer, secured by Ethereum. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain, and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely-adopted scaling protocols and tools for launching blockchains, including Polygon PoS, Polygon zkEVM, and Polygon Miden, which is in development, as well as Polygon CDK.
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