Perch has announced that it has closed $123.5 million in new funding, which brings the company's total funding to $130 million. The funds will be used to acquire category-leading products and companies on Amazon's marketplace, build out its core team, and further invest in its technology platform.
The round was reportedly led by Spark Capital and includes past investor Tectonic Ventures, with Boston Seed as a new investor.
Perch acquires consumer products and brands that have a steady history of strong customer reviews, are consistently one of the top products within their category, and that demonstrate opportunity for continued growth.
Chris Bell, CEO of Perch, said: "There are millions of entrepreneurs and small businesses selling great products on Amazon's marketplace. At the same time, more people are shopping online and looking to do their buying from the safety and security of their home. We are excited that this additional investment will allow us to accelerate our ability to acquire and grow leading FBA businesses that have long-term potential."
Nate Jackson, VP of acquisitions at Perch, said: "More and more of our acquisitions are coming from introductions and recommendations of prior sellers we've worked with, so our approach of treating each seller fairly and as a true partner is key to our success."
Alex Finkelstein, general partner, Spark Capital, said: "The Perch team has the M&A, e-commerce, and Amazon experience to understand what makes a quality and scalable consumer product and take those products to the next level post-acquisition. We are beyond excited to lead this round. Perch is already off to an exceptionally strong start. Given the booming e-commerce market, I expect we will continue to see record numbers and additional acquisitions this year."