Art Director, OpenStore

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.