Banking

OpenStore, the Miami startup founded by Founders Fund VC Keith Rabois and Atomic’s Jack Abraham, is officially open for business

  • OpenStore is accepting applications from Shopify merchants looking to sell their business. 
  • On its website, OpenStore touts: “Sell your business in 3 easy steps.”
  • Atomic’s Jack Abraham tells Insider that OpenStore will make offers to buy in just a day. 

OpenStore, the Miami startup founded by Founders Fund VC Keith Rabois and Atomic’s Jack Abraham, is now open for business and officially accepting merchant applications. 

OpenStore‘s plan is to buy businesses from merchants that operate on Shopify and roll them up into a single entity. Once bought, those merchants will agree to move their ecommerce shops to OpenStore, which will integrate and operate them all on a single platform. Rabois tweeted that the company will “offer

liquidity
for Shopify merchants within one business day.”

“We’ll make an offer to buy your business in one business day which is much more efficient than working with a traditional broker who will take 3-6 months and take up to 10% of the sale price,” Abraham exclusively told Insider. 

On its website, OpenStore touts: “Sell your business in 3 easy steps,” which includes answering a short form, getting an offer within one business day, and closing in days, not months. 

The company declined to comment on which specific merchants they have signed on or are in talks with. But on its website, there are two merchants who have already provided testimonials: one from a founder in the children’s apparel space and the other from an ecommerce founder in the swimwear space.

Rabois previously told Insider the company plans to hire all of its employees in Miami. In April, OpenStore had nine full-time employees. The company’s website currently has job descriptions for 17 open positions, including one for a capital markets lead and two engineering roles.

OpenStore will also house its headquarters in the same building in Miami where Founders Fund and Atomic have offices. Both firms are also backing the company. 

In an interview with Bloomberg, Rabois said he was planning to purchase dozens of companies, creating an entity with $1 billion in annual sales over the next year. Last week, OpenStore raised $30 million in Series A funding led by Khosla Ventures, at about a $250 million post-money valuation, Axios reported. 

 

 

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