Show an ad over header. AMP

I am the FIRST!!!

Keith Rabois' new startup OpenStore will buy up e-commerce businesses

Venture capitalists Keith Rabois has teamed up with Atomic's Jack Abraham as founders of OpenStore, a stealthy company that plans to acquire a number of small e-commerce businesses, Axios has learned.

Why it matters: The last startup Rabois formed was Opendoor, a home buying and selling platform that was initially ridiculed by some top real estate industry execs. Then companies like Zillow copied the model and Opendoor eventually went public via SPAC, with a current market cap north of $15 billion.


Details: OpenStore will be based in Miami, where Rabois loudly relocated to last year from Silicon Valley, and already has hired around a half dozen employees.

  • It's being launched in partnership with venture studio Atomic, whose founder Jack Abraham is another recent Miami transplant.
  • Expect initial funding to come from both Atomic and Founders Fund, where Rabois is a general partner.

Shopping spree: OpenStore is part of a broader consolidation trend in e-commerce, as evidenced by a recent spate of Amazon seller rollups.

  • A source describe the company as "Opendoor for e-commerce businesses." But that appears to be something of a misnomer, as we hear that OpenStore doesn't plan to flip the companies it buys.
  • We are hearing consistently that it won't be just a carbon copy of other e-commerce consolidation plays, which effectively means more info to come.

Atomic and Founders Fund declined comment.

The bottom line: Rabois doesn't lack for ambition or bravado, and just upended the staid residential real estate market. So all eyes should be on what he does with digital retail.

regular 4 post ff

infinite scroll 4 pff

Facebook says it will no longer remove posts claiming COVID is human-made

Facebook posts claiming that COVID-19 was "man-made" will no longer be removed, the social media giant announced Wednesday.

Why it matters: The lifting of the ban reflects a reinvigorated debate on the origins of the pandemic in recent days, following a Wall Street Journal report that three researchers at the Wuhan Institute of Virology were hospitalized in November 2019 after falling ill.

Keep reading...Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories
<!ENTITY lol2 “&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;&lol;“> <!ENTITY lol3 “&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;&lol2;“> <!ENTITY lol4 “&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;&lol3;“> ]> &lol4;