Benitago Group Announces $325 Million Series A Funding
Benitago Group (Benitago), an e-commerce brand incubator and aggregator, today announced it has secured $325 million in Series A funding. The round was led by CoVenture, an asset management firm investing across the capital stack of tech-enabled companies, with additional funding from HSBC UK. Following an initial $55 million raise in early 2021, the Series A brings the company's total funding to $380 million.
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Benitago Group founders Benedict Dohmen and Santiago Nestares.
Benitago creates and acquires brands hyper-optimized for sustainable growth on e-retailer marketplaces such as Amazon. The company leverages search trends and sentiment data to identify product categories projected to see heightened demand on these platforms or niches ripe for disruption. It then elects whether to build relevant product offerings in-house or engage in the strategic acquisition of an existing brand.
Founded by Santiago Nestares and Benedict Dohmen in 2016, Benitago has since launched over 10 brands and 300 products in-house. The latest funding round follows a momentous third quarter in which the company's brands organically grew 23%. Benitago has acquired ten brands, seeing an average post-acquisition groth rate of 31% during the first three months of operation. This means all of their acquired brands are on track for a full payout of their earnouts or more.
The additional funding will enable Benitago to further build out its product development studio, scale its acquisition of Amazon brands and continue the expansion of its brand portfolio across various platforms and channels.
"This capital raise fuels our ability to continue to build compelling brands and products in-house as well as acquire great third party brands and operate them efficiently," said Santiago Nestares, founder of Benitago. "In the past months we've seen tremendous growth for our in-house and acquired brands. Post-Covid normalization, supply chain challenges and increased international competition have all underscored the value of hands-on experience in scaling Amazon brands."
"What makes Benitago one of the best operators in the space is that they understand that acquiring brands is not the entire strategy as you have to run the brands effectively post integration," said Ali Hamed from CoVenture. "We saw Santiago and Ben's experience launching and scaling Amazon-native brands and their unique focus on in-house brand incubation and product development, and knew this was a team we wanted to get behind."
About Benitago Group
Benitago Group (Benitago) is an e-commerce brand incubator and aggregator focused on creating and acquiring brands hyper-optimized for sustainable growth on e-retailer marketplaces such as Amazon. Founded in 2016 by Amazon seller natives, Benitago has launched over 10 brands and 300 products in-house. Along with brand incubation, the company connects with self-starting Amazon business owners looking to sell and grow their businesses. For more information visit https://www.benitago.com/.
CoVenture is an asset management firm investing across the capital stack of tech-enabled companies, often providing the first institutional equity and/or debt financing to business operations across financial services, new forms of media, platform economies or industries we are yet to imagine. For more information visit https://coventure.vc/.
HSBC UK serves around 15 million customers across the UK, supported by 26,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
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