Berlin-based Razor Group raises a $125M Series B at a $1B+ valuation to buy and scale up e-commerce merchants, says 12% of its revenue is “non-Amazon”
Context & Ripple Effects
Razor Group's $125M Series B comes just six months after its $25M equity round plus $375M debt in May 2021 — a steep step-up to a $1B+ valuation that puts it in the same billion-dollar tier as fellow Berlin aggregator Berlin Brands Group, which raised $700M from Bain Capital two months earlier.
The most telling detail is the disclosure that 12% of revenue is already non-Amazon: an aggregator built on buying marketplace sellers is signaling early diversification, which foreshadows the broader-merchant strategy it pursued later via the €80M Series C and Stryze Group acquisition.
First-order effects
- Razor gets fresh war chest to acquire more marketplace merchants at scale, while Amazon sellers gain another well-funded exit buyer alongside Berlin Brands Group.
Second-order effects
- Competing aggregators face pressure to match Razor's funding pace or consolidate — a dynamic that played out when Razor merged with Perch at a $1.7B valuation in 2024.
Third-order effects
- If the pattern holds, the aggregation space consolidates from many small roll-up funds into a few diversified platforms whose revenue mix extends beyond Amazon — reducing single-platform dependence as the sector's core risk.
The trend: E-commerce aggregation is consolidating around fewer, better-capitalized players that are deliberately diversifying their merchant base beyond Amazon.