SellerX Co-CEOs Step Down Amid Industry Challenges

Philipp Triebel and Malte Horeyseck, the co-CEOs of SellerX, an Amazon aggregator startup backed by BlackRock, are set to leave the company. Their departure comes three years after they each sold shares worth at least $7.1 million.

SellerX, founded by Triebel and Horeyseck in Berlin in August 2020, announced the leadership change in an email to staff. Jeremy Bell, co-founder of Elevate, an aggregator acquired by SellerX in May last year, will assume the role of CEO starting July 1. Horeyseck described the decision as “bittersweet” and emphasized that knowing when to step aside is one of the hardest and most important decisions for any founder.

SellerX is one of Europe’s leading aggregators, acquiring and growing smaller Amazon sellers. The company experienced rapid growth during the pandemic as online shopping surged, attracting significant venture capital investment. In October 2021, three European aggregators, including SellerX, collectively raised $1 billion in a single day. SellerX secured funding from investors like Cherry Ventures, Felix Capital, Partech, BlackRock, the Abu Dhabi Investment Authority, and L Catterton. The company raised €100 million in a Series B round in August 2021, followed by $500 million in debt and equity in November 2021.

Public shareholder documents revealed that Horeyseck and Triebel sold shares during the $500 million funding round in November 2021, valuing SellerX at $1 billion. Despite this success, the Amazon aggregator industry faced significant challenges in 2022. Following a trend seen in other pandemic-era businesses like rapid grocery delivery and revenue-based financing, aggregators struggled, leading to layoffs at SellerX and other firms.

SellerX underwent several rounds of layoffs in early 2022, summer 2022, and summer 2023. Other aggregators, including the UK-based Heroes and Berlin Brands Group, also downsized. The pandemic-era boom led to intense competition for top Amazon sellers, inflating acquisition prices and making it difficult for aggregators to achieve profitable returns.

Triebel and Horeyseck’s departure marks a significant shift for SellerX as the company navigates the post-pandemic landscape. Jeremy Bell’s new leadership aims to steer SellerX through these industry challenges, focusing on sustainable growth and stability in a competitive market.

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