OpenStore
Shopify brand aggregator, wound down to a single brand · Miami, South Florida
- Founded
- 2021 to 2025
- Entered
- 2021
- Status 2026
- Wound down
- Metro
- South Florida
- Embeddedness
- 1 connections
- Confidence
- verified · strongest source primary or company
Method
OpenStore is the Miami company Keith Rabois, Jack Abraham, Matt Lanter and Jeremy Wood start in 2021 to buy direct to consumer Shopify brands with 1 to 10 million dollars of sales, offering founders cash within 24 hours. It raises over 150 million dollars from Founders Fund, Atomic, General Catalyst, Khosla and Lux, reaching a 970 million dollar valuation in September 2022 with over 100 staff in Wynwood, and acquires more than 40 storefronts. The aggregator model fails: after layoffs it closes the remaining stores, liquidates inventory and on August 8, 2025 retreats to its menswear brand Jack Archer at a valuation reported at 50 million dollars. It shows that Miami's relocated capital funded the exit rail for small creator style brands but not a durable operator.
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The path: money and goods moving
- backed byFounders FundFounders Fund, by then relocated to Miami, is an investor in OpenStore through its rounds up to the 970 million dollar valuation of September 2022.2021 to 2025