Post-IPO Debt Funded Commerce and Shopping Startups
The 17 most recent post-IPO debt rounds in commerce and shopping span September 2021 through October 2022, with round sizes ranging from $2M (humble+fume,…
The 17 most recent post-IPO debt rounds in commerce and shopping span September 2021 through October 2022, with round sizes ranging from $2M (humble+fume, Toronto) to $1.5B (Delivery Hero, Berlin). Canadian companies account for six of the seventeen entries — including Dollarama's $700M raise on October 4, 2022 and Fire & Flower's $8M round two weeks later — making Canada a notably concentrated geography in the segment. The US contingent is anchored by two $650M rounds: Kimco Realty (New Hyde Park) in August 2022 and McGrath RentCorp (Livermore) in July 2022.
A distinct cannabis retail cluster runs through the dataset: Fire & Flower (Edmonton), humble+fume (Toronto), Harborside (Oakland), and Jushi Holdings (Boca Raton) all used post-IPO debt structures, reflecting restricted equity market access common to publicly listed cannabis operators. Delivery Hero's $1.5B raise in April 2022 is the single largest round shown, more than twice the size of the next-largest transaction, Dollarama's $700M in October 2022.
Most recent rounds
17 shownRelated listings
Frequently asked
What are the largest post-IPO debt rounds in this commerce and shopping dataset?
Delivery Hero (Berlin) leads at $1.5B, raised in April 2022. Dollarama (Montréal) follows at $700M in October 2022, and both Kimco Realty (New Hyde Park) and McGrath RentCorp (Livermore) each closed $650M rounds in summer 2022. These four transactions anchor the upper end of capital raised across the 17 companies shown.
Which geographies are most represented among these post-IPO debt raises?
The US has nine companies, spread across cities including San Francisco, New York, Dallas, and Boca Raton. Canada follows with six entries — two in Toronto (NowVertical Group and humble+fume), and one each in Edmonton, Montréal, Vancouver, and Saint Albert. Bayport Management (Mauritius) and Delivery Hero (Berlin) are the only non-North American companies in the dataset.
Why do multiple cannabis retailers appear in the post-IPO debt category?
Four of the 17 companies — Fire & Flower (Edmonton), humble+fume (Toronto), Harborside (Oakland), and Jushi Holdings (Boca Raton) — are cannabis retail operators. Public cannabis companies in North America face significant constraints on traditional equity financing, making debt instruments a common route for publicly listed operators needing additional capital.
What is the typical round size for commerce companies using post-IPO debt?
The median round across the 17 companies shown is $50M, represented by Aterian (New York, December 2021). The distribution is wide: humble+fume and BuildDirect raised $2M and $3M respectively at the low end, while five companies raised $450M or more — all established publicly traded operators rather than early-stage commerce businesses.
Which companies closed the most recent rounds in this dataset?
The three most recent rounds are Fire & Flower ($8M), Sezzle ($100M), and Bayport Management ($12M), all closing within a two-day window on October 17–18, 2022.
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