In January, E-handel wrote about Go North – a company founded, as recently as December last year in Gothenburg, by the entrepreneur Johan Hallenby.
He has started a so-called Amazon aggregator. It’s a company that buys the assets of profitable e-commerce brands on Amazon, where Amazon handles fulfillment. Go North does not buy the entire company, but for example their products in stock and Amazon presence.
The aggregator aims to make the companies they buy even more profitable on the giant, American platform. When Go North is looking for companies, however, they are looking for brands with a couple of years of positive history and solid growth.
“Many entrepreneurs have done a really good job with their brands, but realized that they may not get to the next level without more funding and access to a world-class operational e-commerce team. And this is where we come into the picture”, Johan Hallenby told Ehandel in mid-January this year.
NA-KD profile included in the round.
Go North has now announced that they’ve raised 77.5 million in venture capital. The round was led by the venture capital firm eEquity, and other investors include Collector founder Lena Apler, NA-KD’s chairman of the board and profile Magnus Emilson – and e-commerce entrepreneur Alexander Hars, according to Di Digital.
“The market is insanely hot right now and we have over 200,000 potential brands that meet our criterias”, says Johan Hallenby to Di Digital.
So far, he has amassed eleven brands in his portfolio, which is in line with the goal of buying a new brand every week. So far, these include Amazon retailers from Israel, Great Britain and Estonia, selling everything from sports and outdoor items, to DIY brands and kitchen equipment, according to Di Digital.
The goal for Go North is to reach a 100 million in revenue by the end of the year. In three years’ time, the aim is for it to have increased tenfold – and for the company to have reached profitability, according to Johan Hallenby.