The Rise and Fall of FBA Aggregators

What Happened with the Roll-up Collapse and Who is Still Around?

During the unprecedented e-commerce boom from 2020 to 2022, fueled by the COVID-19 pandemic, a new trend emerged in the world of online retail – the rise of Fulfillment by Amazon (FBA) Aggregators. 

Remember when companies like Thrasio were snapping up Amazon businesses left and right? Well, things have taken a turn since 2023.

Related Reading: The Complete List of Amazon FBA Aggregators

The Rise of FBA Aggregators

In the heyday of the pandemic, when our shopping habits shifted overwhelmingly online, FBA Aggregators emerged. 

Their strategy was acquiring multiple small but successful Amazon-based businesses and unifying them under a single, more efficient, scalable operation. It was like watching a fast-paced race, with companies like Thrasio quickly buying up one business after another, attracting significant investor interest, and achieving rapid growth.

FBA Aggregators

FBA Aggregators Post-Pandemic in 2022

In 2022, despite COVID-19 not being completely over, people began returning to physical stores, leading to varied reactions among FBA aggregators. 

Companies like Razor Group and Flummox aggressively acquired businesses, while others like Boopos and Forum Brands shifted towards more selective strategies. Some aggregators slowed down their acquisitions, yet the overall sentiment about the future of FBA businesses remained optimistic

Firms like Branded adapted by focusing more on product launches rather than mergers and acquisitions, reflecting the changing ecommerce landscape post-COVID in 2022.

FBA Aggregators Podcast Series

Between 2020 and 2021, aggregators were acquiring FBA businesses left and right that EcomCrew made a podcast series about it. If you want to learn more about FBA aggregators and how you can sell your business for top dollar, here are some episodes you can listen to:

The Fall of FBA Aggregators

As the pandemic waned and the world adapted to a new normal, the e-commerce landscape began to change. 

The rapid growth of online retail began to slow down and started to normalize, consumer behavior shifted, the competition got fiercer, and let's not forget the logistical headaches that came post-pandemic. Suddenly, the FBA Aggregator model wasn't looking so invincible.

Since 2023, numerous Amazon aggregator firms have either shifted focus from this business model or have been acquired or ceased operations altogether.

The biggest sign of this downturn is Thrasio's collapse. Once valued at billions and seen as a success story in FBA aggregation, Thrasio filed for bankruptcy in late 2023

This downfall was an indication of the broader challenges facing the FBA Aggregator model.

It wasn't just about growing too fast. It was about misreading the market's direction and underestimating the complexities of merging multiple brands. Thrasio's downfall became a cautionary tale for the entire model.

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FBA Aggregators Cease Operations and Shift Strategies

In the wake of Thrasio's collapse, several other FBA Aggregators have either ceased operations or significantly altered their business strategies. These companies found themselves grappling with similar challenges as ecommerce sellers—dwindling profit margins, logistical hurdles, and an increasingly competitive marketplace.

Here’s a list of  FBA Aggregators that are still around.

While there are still quite a number of them that are still operative, others are either no longer in business or are no longer acquiring businesses:

NameDate FoundedLocatedSituation
10club2020IndiaNo longer acquiring
Benitago Group2016USDeclared in bankruptcy and acquired by Cove Brands in 2024
Boopos2021SpainTransitioned to a new business model
Cap Hill Brands2020USMerged with Juvo+
D1 Brands2020USD1 Brands merged with Suma to create a new brand called The Ambr Group
Diverge Group2020UKTransitioned to a new business model
Elevate Brands2017USAcquired by SellerX
Factory142018LuxembourgAcquired by Razor Group
Flywheel CommerceUnknownUSAcquired by Olsam Group
Inflection Brands2019USTransitioned to a new business model
Orange Brands2020GermanyAcquired by Berlin Brands Group
Sorfeo2020USNo longer acquiring (banckruptcy)
Suma Brands2020USSuma merged with D1 Brands to create a new brand called The Ambr Group
Stryze2020GermanyAcquired by Razor Group
Tapuya Brands2021USAcquired by Pilot Wave Holdings
Thirstii2019GermanyAcquired by Thrasio
Valoreo2020MexicoAcquired by Razor Group
Zeelos2021GermanyNo longer acquiring


The rise and fall of FBA Aggregators reflect the ever-evolving nature of e-commerce. 

The story of FBA Aggregators is a wild business journey. It’s a reminder that in the e-commerce world, the only constant is change. And for those of us in this game, staying on our toes, reading the market, and being ready to pivot.

Helena Fernandez Morano

I'm proud to be part of an amazing group of talented political scientists who never shy away from blazing new trails, especially in uncertain times. Outside of my work in this field, I delve into the fascinating world of eCommerce. I'm always eager to join projects with scope, where I can team up with people who inspire me.

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