SAN FRANCISCO, Nov. 18, 2020 /PRNewswire/ -- Heyday, a platform accelerating consumer product brands on digital marketplaces like Amazon, announced today it closed a $175M Series A funding round. The financing comes from General Catalyst, Khosla Ventures and Arbor Ventures, with participation from Amazon, eBay, PayPal and Magento executives. Heyday partners with entrepreneurs to acquire, launch and incubate brands, and is developing a marketplace-native technology, data and operations stack to empower those brands to thrive.
The marketplace model - led by Amazon - is the world's largest retail economy, growing at double the rate of traditional e-commerce. Today, it is estimated that more than 60% of all product searches start on Amazon, leading to $200 billion in transactions through the retail giant last year alone. Those numbers have skyrocketed even higher since March, driven by further changes in consumer behavior due to the Covid-19 pandemic.
"We're in the early days of a tectonic shift toward marketplace commerce. Just as the last decade saw the rise of Warby Parker, Dollar Shave Club and other digitally native vertical brands, this decade will see the rise of a new generation of marketplace-native brands," said Sebastian Rymarz, Heyday co-founder and CEO. "Although the shift has been a boon to entrepreneurs around the globe, most still lack the capital, tools and resources to realize their full potential. Heyday is filling that void."
Heyday has moved quickly since its founding in August, already acquiring and launching several brands. The company will end the year with over $20 million of annualized revenue, not even four months after launch. Rymarz and co-founder Adam Gerchen expect Heyday to cross $200 million of annualized revenue by the end of 2021, and $1 billion by the end of 2023.
"Online marketplace ecosystems are transforming the way retail brands launch and reach wide consumer adoption," said Mark Crane, partner at General Catalyst. "Heyday is building a data-driven technology platform that can help those brands reach real scale leveraging those marketplaces. The Heyday team has shown incredible drive since launch and we look forward to partnering with them as they continue to build to their mission."
Heyday's specialized approach includes data science, supply chain management, operations, advertising and customer service, all uniquely designed for brands to specifically sell through marketplaces. To learn more about Heyday, visit: www.heyday.co.
About HeydayHeyday's mission is to help e-commerce entrepreneurs reach new heights by providing the capital, tools and insights to accelerate their brands in the marketplace ecosystem. Heyday, which was co-founded by Sebastian Rymarz and Adam Gerchen in August 2020, partners with sellers to acquire, launch and incubate successful brands on digital marketplaces like Amazon. The platform is being built upon technology, data and operations tailored specifically to marketplace commerce. For more information, visit www.heyday.co.