Flummox, a startup founded in the St.GallenBodenseeArea in 2021, has secured new capital of 13 million US dollars. The investment round was led by Fasanara Capital according to a press release on startupticker.ch. Flummox acquires and develops micro-brands, i.e. small suppliers of consumer goods. These are then positioned on the markets. Flummox hopes to use the proceeds to develop its portfolio in these markets as well as its own team.
To do so, Flummox will count on suppliers with an annual turnover of under 1 million US dollars that currently offer their products on online platforms such as Amazon. Flummox’s business model involves developing these suppliers into leading companies in their market niches in a period of 18 to 24 months. To do so, the startup relies on its network of investors and advisers. Afterward, these suppliers should be able to survive on markets with direct customer contact.
Flummox plans to add at least 15 new suppliers to its portfolio with the new capital. One new micro-brand has already been acquired and talks are being held with three more. In future, Flummox plans to acquire over 20 micro-brands across Europe annually.
