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Perch

Full company profile

uuid0000gyo

Namestring
Perch
Legal namestring
Whele LLC
Websiteurl
perchhq.com
Company typeenum
Private
Founded yearint
2019
Descriptiontext

Perch was a Boston-based Amazon brand aggregator founded in 2019 that acquired and operated direct-to-consumer brands selling on the Amazon marketplace. The company built a portfolio of more than 200 brands across home, kitchen, baby products, beauty, healthcare, automotive, outdoor, and toy categories, with named portfolio brands including Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault. Perch operated as Whele LLC and was led by CEO Chris Bell alongside COO Matthew Montgomery, Chief People Officer Josh Budway, SVP Technology Matt Ryder, SVP Growth Nithya Grande, and VP Product Joe Kiernan.

Perch's core offering was a proprietary technology platform designed to identify Amazon third-party seller acquisition targets and to manage the manufacturing and shipment of hundreds of thousands of products globally on a daily basis. The company monetized these brands primarily through Amazon marketplace sales, with secondary distribution into brick-and-mortar retail and other online marketplaces. In 2022 Perch extended the platform externally with the Perch+ affiliate program, connecting its owned brands to over 100 affiliate partners including major publishers, Amazon A-List livestreamers, and shopping influencers on a performance-based billing model. Manufacturing and supplier relationships were managed through a dedicated onboarding and compliance flow, reflecting the operational complexity of running a multi-brand consumer products portfolio.

The financial trajectory was severe. Perch raised approximately $123.5M in October 2020 and then a $775M Series A led by SoftBank Vision Fund 2 in May 2021, achieving unicorn status at over $1B in valuation. Asset-backed financing of up to $500M was provided by Apollo Global Management through Victory Park Capital credit facilities and Athene. Despite this capital base, Perch was sold to Razor Group in early 2024 in a restructuring that wiped out the $775M SoftBank equity and resulted in Apollo's approximately $170M outstanding position being written off to zero. The Perch+ affiliate network was subsequently divested to Levanta in April 2026, and the original Perch operating entity ceased to exist as an independent company.

Short descriptiontext

Boston-based Amazon brand aggregator founded in 2019 that acquired and operated 200+ direct-to-consumer brands across home, baby, beauty, and lifestyle categories using a proprietary platform managing hundreds of thousands of products globally.

Operating statusenum
Acquired
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersBoston, United States
HQ citystring
Boston
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
Amazon brand aggregation, e-commerce brand acquisition, consumer brand portfolio, affiliate marketing platform, D2C brand operations
Industry1 code
1Omnichannel Commerce & Click-and-Collect Platforms
CodeBPAMAGALPrimaryYes
Product category
Consumer Brand Portfolio (Amazon Aggregator)
Social media profiles3 records
GTM motion3 records

Each record includes

Type, Description, Source

Revenue model3 records
1E-commerce Product Sales
TypeTransaction Fee
Description

Direct sales of owned and acquired consumer brands through Amazon marketplace and other online channels

forbes.com
2Brick-and-Mortar Retail
TypeTransaction Fee
Description

Sales through physical retail stores for diversified brand distribution

forbes.com
3Perch+ Affiliate Network
TypeAffiliate Referral
Description

Performance-based affiliate marketing program connecting Amazon brands with affiliate partners; revenue generated through affiliate commissions on sales

perchhq.com
Marketing channels4 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D
GTM typeB2C
B2C
Offering typeServices
Services
Brand1 of 13 records shown
1Cali White
Description

Brand featured in Perch's portfolio of Amazon brands

perchhq.com
+12 more records
Core offering1 text field

Perch is a technology-driven Amazon brand aggregator that acquires direct-to-consumer businesses selling on Amazon and grows their operations using proprietary software for target identification and brand optimization. It operates a portfolio of more than 200 acquired and owned consumer brands across home, kitchen, baby, beauty, healthcare, automotive, outdoor, and toy categories, distributed through Amazon, brick-and-mortar retail, other online marketplaces, and the Perch+ affiliate marketing network.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

Perch is a customer-centric commerce company that acquires and operates e-commerce brands globally. The company operates through three main product offerings: (1) the Perch Commerce Platform, a proprietary technology platform managing manufacturing and shipment of hundreds of thousands of products worldwide; (2) an acquired brand portfolio spanning baby products, home goods, beauty, healthcare, automotive, outdoor, and toys across brands such as Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault; and (3) Perch+, an affiliate marketing engine launched in 2022 that connects Amazon brands with over 100 affiliate partners including major publishers, Amazon A-List livestreamers, and top shopping influencers. The company sells through Amazon, brick-and-mortar stores, and other online marketplaces.

Product and service3 records
1Perch Brands Portfolio
CategoryAcquired consumer brand portfolio
Description

Portfolio of 200+ acquired and operated direct-to-consumer brands (including Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault) sold primarily on Amazon and also through brick-and-mortar and other online marketplaces, targeting general consumers across home, kitchen, baby, beauty, healthcare, automotive, outdoor, and toy categories.

2Perch+ Affiliate Program
CategoryAffiliate marketing platform
Description

Affiliate marketing engine that connects Perch's portfolio of Amazon brands with more than 100 affiliate partners (major publishers, Amazon A-List livestreamers, and top shopping influencers), using a performance-based billing model with dedicated account management and streamlined payment processing.

3Perch Commerce Platform
CategoryProprietary commerce technology platform
Description

Proprietary technology platform that manages the manufacturing and shipment of hundreds of thousands of products globally every day and includes target identification software for sourcing Amazon third-party acquisition targets and a brand growth platform used to scale acquired brands.

Scale indicator6 records

Each record includes

Type, Value, Description, Source

Partnership2 partners
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-04-08
Description

Acquired Perch+ affiliate network, an Amazon-focused affiliate marketing software provider, enabling access to 60,000 partners in Levanta's marketplace. The acquisition enhances performance marketing and e-commerce optimization capabilities.

Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2024-01-01
Description

Perch was sold to Razor Group in early 2024 in a restructuring that wiped out $775 million of equity financing led by SoftBank. Razor Group acquired Perch as part of consolidation in the Amazon aggregator space.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

Largest Amazon brand aggregator (founded 2018); most direct comparable to Perch in business model, target (third-party Amazon sellers), and category breadth. Both pursued VC-funded roll-up M&A during the 2020-2022 aggregator boom and both experienced major restructurings.

TypeDirect peer
Description

Berlin-based Amazon aggregator that acquired Perch in 2024 as part of sector restructuring. It is a direct peer in model and the surviving acquirer of Perch's brand portfolio.

TypeDirect peer
Description

NYC-based Amazon aggregator (General Catalyst-backed) that pursued the same horizontal acquisition strategy as Perch and also ultimately restructured, providing a close comparable for the rise-and-fall aggregator pattern.

TypeDirect peer
Description

Berlin-based Amazon aggregator that raised large rounds in 2021 and operated the same roll-up M&A model as Perch, making it a direct peer in geography, business model, and aggregator trajectory.

TypeDirect peer
Description

European Amazon aggregator that pursued a similar horizontal acquisition strategy, comparable to Perch's category-diversified approach.

TypeDirect peer
Description

US-based Amazon aggregator that built a multi-category consumer brand portfolio similar to Perch's strategy.

TypeDirect peer
Description

US-based Amazon aggregator that raised capital in 2020-2021 pursuing a similar category-diversified acquisition strategy to Perch.

TypeDirect peer
Description

NYC-based Amazon aggregator built a portfolio of consumer brands using the same horizontal acquisition strategy as Perch.

TypeBroad incumbent
Description

Marketplace for buying and selling startups rather than Amazon brands; represents the broader 'startup acquisition' philosophy analogous to Perch's M&A-led model of acquiring small e-commerce businesses at scale.

TypeOthers
Description

Amazon-focused affiliate marketing platform that acquired Perch+ in April 2026; an adjacent ecosystem participant supporting brand distribution rather than a direct competitor to the aggregator model.

Market position
Strengths2 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights5 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers11 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile3 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature3 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles10 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries2 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds4 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors7 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Perch

Consumer Brand Portfolio (Amazon Aggregator)perchhq.com

Boston-based Amazon brand aggregator founded in 2019 that acquired and operated 200+ direct-to-consumer brands across home, baby, beauty, and lifestyle categories using a proprietary platform managing hundreds of thousands of products globally.

What Perch does

Perch was a Boston-based Amazon brand aggregator founded in 2019 that acquired and operated direct-to-consumer brands selling on the Amazon marketplace. The company built a portfolio of more than 200 brands across home, kitchen, baby products, beauty, healthcare, automotive, outdoor, and toy categories, with named portfolio brands including Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault. Perch operated as Whele LLC and was led by CEO Chris Bell alongside COO Matthew Montgomery, Chief People Officer Josh Budway, SVP Technology Matt Ryder, SVP Growth Nithya Grande, and VP Product Joe Kiernan.

Perch's core offering was a proprietary technology platform designed to identify Amazon third-party seller acquisition targets and to manage the manufacturing and shipment of hundreds of thousands of products globally on a daily basis. The company monetized these brands primarily through Amazon marketplace sales, with secondary distribution into brick-and-mortar retail and other online marketplaces. In 2022 Perch extended the platform externally with the Perch+ affiliate program, connecting its owned brands to over 100 affiliate partners including major publishers, Amazon A-List livestreamers, and shopping influencers on a performance-based billing model. Manufacturing and supplier relationships were managed through a dedicated onboarding and compliance flow, reflecting the operational complexity of running a multi-brand consumer products portfolio.

The financial trajectory was severe. Perch raised approximately $123.5M in October 2020 and then a $775M Series A led by SoftBank Vision Fund 2 in May 2021, achieving unicorn status at over $1B in valuation. Asset-backed financing of up to $500M was provided by Apollo Global Management through Victory Park Capital credit facilities and Athene. Despite this capital base, Perch was sold to Razor Group in early 2024 in a restructuring that wiped out the $775M SoftBank equity and resulted in Apollo's approximately $170M outstanding position being written off to zero. The Perch+ affiliate network was subsequently divested to Levanta in April 2026, and the original Perch operating entity ceased to exist as an independent company.

Perch firmographics

Firmographics
Name
Perch
Legal name
Whele LLC
Website
https://perchhq.com
Company type
Private
Founded year
2019
Operating status
Acquired
Headcount range
101–250 employees
Short description
Boston-based Amazon brand aggregator founded in 2019 that acquired and operated 200+ direct-to-consumer brands across home, baby, beauty, and lifestyle categories using a proprietary platform managing hundreds of thousands of products globally.
Ownership category
akta.pro rank

Perch industry classification

Industry
Product category
Consumer Brand Portfolio (Amazon Aggregator)
akta.pro primary industry
Omnichannel Commerce & Click-and-Collect Platforms (BPAMAGAL)

Keywords

  • Amazon brand aggregation
  • E-commerce brand acquisition
  • Consumer brand portfolio
  • Affiliate marketing platform
  • D2C brand operations

Where Perch is headquartered

Location

Headquarters

HQ city
Boston
HQ country
United States
HQ region
North America

Offices1 record

Markets served

Perch business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

  1. E-commerce Product Sales: Direct sales of owned and acquired consumer brands through Amazon marketplace and other online channels
  2. Brick-and-Mortar Retail: Sales through physical retail stores for diversified brand distribution
  3. Perch+ Affiliate Network: Performance-based affiliate marketing program connecting Amazon brands with affiliate partners; revenue generated through affiliate commissions on sales

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Perch product offering

Product offering

Core offering

Perch is a technology-driven Amazon brand aggregator that acquires direct-to-consumer businesses selling on Amazon and grows their operations using proprietary software for target identification and brand optimization. It operates a portfolio of more than 200 acquired and owned consumer brands across home, kitchen, baby, beauty, healthcare, automotive, outdoor, and toy categories, distributed through Amazon, brick-and-mortar retail, other online marketplaces, and the Perch+ affiliate marketing network.

Product overview

Perch is a customer-centric commerce company that acquires and operates e-commerce brands globally. The company operates through three main product offerings: (1) the Perch Commerce Platform, a proprietary technology platform managing manufacturing and shipment of hundreds of thousands of products worldwide; (2) an acquired brand portfolio spanning baby products, home goods, beauty, healthcare, automotive, outdoor, and toys across brands such as Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault; and (3) Perch+, an affiliate marketing engine launched in 2022 that connects Amazon brands with over 100 affiliate partners including major publishers, Amazon A-List livestreamers, and top shopping influencers. The company sells through Amazon, brick-and-mortar stores, and other online marketplaces.

Differentiator

Problem solved

Functional benefit

Brands

  • Cali White: Brand featured in Perch's portfolio of Amazon brands
  • Satina
  • Baby Merlin's Magic Sleepsuit
  • Prextex
  • Tame The Wild
  • Prestee
  • Zap It
  • Booty Brand
  • CareTouch
  • Space Saver
  • OpenSeedVault
  • Perch+
  • Perch

Products and services

  • Perch Brands Portfolio Portfolio of 200+ acquired and operated direct-to-consumer brands (including Baby Merlin's Magic Sleepsuit, Cali White, Satina, Prextex, Tame The Wild, Prestee, Zap It, Booty Brand, CareTouch, Space Saver, and OpenSeedVault) sold primarily on Amazon and also through brick-and-mortar and other online marketplaces, targeting general consumers across home, kitchen, baby, beauty, healthcare, automotive, outdoor, and toy categories.
  • Perch+ Affiliate Program Affiliate marketing engine that connects Perch's portfolio of Amazon brands with more than 100 affiliate partners (major publishers, Amazon A-List livestreamers, and top shopping influencers), using a performance-based billing model with dedicated account management and streamlined payment processing.
  • Perch Commerce Platform Proprietary technology platform that manages the manufacturing and shipment of hundreds of thousands of products globally every day and includes target identification software for sourcing Amazon third-party acquisition targets and a brand growth platform used to scale acquired brands.

Companies that use Perch

Customer profile

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Perch technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature3 records

Perch partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core and flagship.

  • LevantacoreStrategic or Co-development Partner · 8 April 2026Acquired Perch+ affiliate network, an Amazon-focused affiliate marketing software provider, enabling access to 60,000 partners in Levanta's marketplace. The acquisition enhances performance marketing and e-commerce optimization capabilities.
  • Razor GroupflagshipStrategic or Co-development Partner · 1 January 2024Perch was sold to Razor Group in early 2024 in a restructuring that wiped out $775 million of equity financing led by SoftBank. Razor Group acquired Perch as part of consolidation in the Amazon aggregator space.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Perch competitors and assessment

Company assessment

Direct peers

  • Thrasio: Largest Amazon brand aggregator (founded 2018); most direct comparable to Perch in business model, target (third-party Amazon sellers), and category breadth. Both pursued VC-funded roll-up M&A during the 2020-2022 aggregator boom and both experienced major restructurings.
  • Razor Group: Berlin-based Amazon aggregator that acquired Perch in 2024 as part of sector restructuring. It is a direct peer in model and the surviving acquirer of Perch's brand portfolio.
  • Heyday: NYC-based Amazon aggregator (General Catalyst-backed) that pursued the same horizontal acquisition strategy as Perch and also ultimately restructured, providing a close comparable for the rise-and-fall aggregator pattern.
  • SellerX: Berlin-based Amazon aggregator that raised large rounds in 2021 and operated the same roll-up M&A model as Perch, making it a direct peer in geography, business model, and aggregator trajectory.
  • Branded Group: European Amazon aggregator that pursued a similar horizontal acquisition strategy, comparable to Perch's category-diversified approach.
  • Boosted Commerce: US-based Amazon aggregator that built a multi-category consumer brand portfolio similar to Perch's strategy.
  • Elevate Brands: US-based Amazon aggregator that raised capital in 2020-2021 pursuing a similar category-diversified acquisition strategy to Perch.
  • Forum Brands: NYC-based Amazon aggregator built a portfolio of consumer brands using the same horizontal acquisition strategy as Perch.

Broad incumbents

  • Acquire.com: Marketplace for buying and selling startups rather than Amazon brands; represents the broader 'startup acquisition' philosophy analogous to Perch's M&A-led model of acquiring small e-commerce businesses at scale.

Others

  • Levanta: Amazon-focused affiliate marketing platform that acquired Perch+ in April 2026; an adjacent ecosystem participant supporting brand distribution rather than a direct competitor to the aggregator model.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Perch social profiles

Digital presence

Perch financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Perch leadership team

Management profile

Number of profiles

Profiles10 records

Perch subsidiaries and ownership

Company hierarchy

Subsidiaries2 records

Perch funding detail

Funding detail

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Perch M&A and investment

M&A and investment

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Perch

What does Perch do?

Perch is a technology-driven Amazon brand aggregator that acquires direct-to-consumer businesses selling on Amazon and grows their operations using proprietary software for target identification and brand optimization. It operates a portfolio of more than 200 acquired and owned consumer brands across home, kitchen, baby, beauty, healthcare, automotive, outdoor, and toy categories, distributed through Amazon, brick-and-mortar retail, other online marketplaces, and the Perch+ affiliate marketing network.

Is Perch a public or private company?

Perch is a private company. It is classified as corporate owned and is currently acquired.

When was Perch founded?

Perch was founded in 2019. It employs 101 to 250 people.

Where is Perch based?

Perch is headquartered in Boston, United States, in the North America region.

How does Perch make money?

Three revenue lines are on record. E-commerce Product Sales are the primary driver. The others are brick-and-Mortar Retail and perch+ Affiliate Network.

Who are Perch's main competitors?

Direct peers on record are Thrasio, Razor Group, Heyday, SellerX, Branded Group, Boosted Commerce, Elevate Brands and Forum Brands. Acquire.com is listed as a broad incumbent. Levanta is listed as an others.

Does Perch have an API?

No public API is recorded for Perch.

What industry is Perch in?

Perch's product category is Consumer Brand Portfolio (Amazon Aggregator). Its primary akta.pro industry code is BPAMAGAL, Omnichannel Commerce & Click-and-Collect Platforms.

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Live signals
CtacquisitionsEcommerce M&A: 2026 Deal Activity, Aggregators, and MultiplesThe ecommerce M&A market in 2026 has shifted dramatically from the 2020–2021 aggregator boom, with Amazon FBA brand multiples declining from 5–7x to 2.5–3.5x seller discretionary earnings as buyers prioritize profitability over growth. The aggregator class that raised roughly $16 billion between 2020 and 2022 has largely failed or restructured—Thrasio filed Chapter 11 in February 2024 with over $3 billion in debt, and Razor Group merged with Perch in mid-2024—leaving strategic acquirers, lower-middle-market private equity, remaining aggregators, and operator buyers as the four active buyer segments. The active buyer universe for 2026 includes strategic acquirers like e.l.f. Beauty (which acquired Naturium for $355 million in August 2024), PE firms such as L Catterton and Stripes, and remaining aggregators like Heroes and Berlin Brands Group, all applying a profit-first underwriting standard that demands verified trailing-twelve-month earnings.Practical EcommerceNew Ecommerce Tools: April 8, 2026This week's ecommerce industry roundup covers 14 product announcements across new tools for merchants, including Shopify extending native B2B features to all plan tiers at no extra cost and ShipMonk opening a 406,000-square-foot fulfillment center in Louisville, Kentucky. The updates span AI-powered solutions such as Miva's embedded reporting assistant and Durable's Discoverability feature for generative AI search visibility, as well as new payment and advertising tools including Criteo's expanded self-service platform for SMBs and BitRail's merchant payment suite. Levanta also announced the acquisition of Perch+, an affiliate network for Amazon sellers, enabling access to 60,000 partners in Levanta's marketplace.YahooLevanta Acquires Perch+, Expanding Its Affiliate Marketplace with Hundreds of Amazon Sellers and PublishersLevanta, an affiliate and creator platform for e-commerce, announced the acquisition of Perch+, an early affiliate network built specifically for Amazon sellers, on April 6, 2026. The deal integrates Perch+'s network of sellers and affiliate partners into Levanta's platform, which has grown 60% year-over-year and supports programs across Amazon, Shopify, and Walmart with access to over 60,000 vetted partners. Perch+ brands will gain advanced creator recruitment tools, Amazon Attribution support, and Paid Placement campaign capabilities, while creators will benefit from improved tracking, faster payouts, and expanded earning opportunities.KlsescreenerApollo takes US$170mil loss on Perch exposureApollo Global Management Inc took a loss on a portion of a US$170 million asset-backed financing for Amazon brand aggregator Perch, representing a share of an up to US$500 million commitment the firm and its insurance arm Athene made to credit facilities run by Victory Park Capital, a firm now owned by Janus Henderson Group Plc. The loss is described as a rare stumble for a strategy promoted as one of private credit's safest and most promising. Other major investors including BlackRock Inc and Oaktree Capital Management have lost hundreds of millions of dollars in recent years betting on e-commerce aggregators, a sector that boomed during the pandemic before cooling and being rocked by restructurings.MarginbusinessAmazon Aggregators in 2025: Still Buying Brands? Here’s What’s Really Going OnAmazon aggregators like Thrasio, Perch, and Razor have shifted their acquisition strategy in 2025 to focus on profitable brands with strong unit economics due to tighter capital markets. These entities are now selectively targeting companies with stable revenue and efficient ad spend, moving away from the inflated valuations seen in previous years.Built In BostonInside the Trillion-Dollar E-Commerce Trend Boston Tech Is BuildingBoston-based aggregators Thrasio and Perch are leading a trend of acquiring Amazon third-party sellers, having raised nearly $2 billion in combined venture funding to scale profitable brands. These companies manage supply chains and marketing for acquired businesses, leveraging Amazon's platform which generated an estimated $300 billion from third-party sales last year. While the aggregators maintain cooperative relationships with Amazon, some industry experts warn that as these entities grow into billion-dollar valuations, they may eventually compete directly with the e-commerce giant.OmniaretailE-commerce Giants Leveraging Consolidation for Market DominanceMajor e-commerce platforms including Amazon, eBay, and Alibaba are consolidating market share through strategic acquisitions, proprietary payment systems, and marketplace dominance, with the mobile wallet market projected to reach $16.2 trillion by 2031. Amazon aggregators such as Perch, RazorGroup, and Heyday have capitalized on the platform's $300 billion in 2021 sales and its control over consumer search behavior, with 53% of US adults now starting product searches directly on Amazon. While consolidation benefits large players through data ownership and market control, smaller businesses face suppressed competition as platforms like Amazon implement strategies such as buybox suppression that limit seller autonomy and competitor visibility.Crunchbase NewsStartups Merge In Spaces Where Funding Has FallenStartups that raised large venture rounds in sectors where funding has subsequently dried up are increasingly merging with rivals or being acquired to stay competitive or survive, according to Crunchbase data. The trend spans multiple industries including e-commerce aggregators, real estate platforms, fintech/BNPL, and logistics, with notable deals such as Razor Group acquiring Perch, Roofstock merging with Mynd, and Flexport acquiring Convoy\'s assets after its shutdown. The consolidation aims to strengthen combined companies by reducing competition and positioning them for growth in a challenging fundraising environment.MondaqAggregating E-Commerce AggregatorsBerlin-based Razor Group acquired Boston-based Perch in an all-stock deal on March 4, 2024, valued at US$1.7 billion, with Perch investors holding roughly one-third of the combined company. Razor raised an additional US$100 million led by Presight Capital and took on Perch's US$400 million debt. Thrasio filed for Chapter 11 just a week prior.GoodmansAggregating e-Commerce AggregatorsBerlin-based Razor Group acquired Boston-based Perch in an all-stock deal on March 4, 2024, valued at US$1.7 billion, with Perch's investors holding about one third of the combined company. Razor raised an additional US$100 million led by Presight Capital, while Perch carried US$400 million in debt. The sector has seen consolidation, with Thrasio filing for Chapter 11 just a week prior.