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Illustration: Rebecca Zisser/Axios

Venture capitalists Keith Rabois has teamed up with Atomic's Jack Abraham as founders of OpenStore, a stealthy company that plans to acquire a number of small e-commerce businesses, Axios has learned.

Why it matters: The last startup Rabois formed was Opendoor, a home buying and selling platform that was initially ridiculed by some top real estate industry execs. Then companies like Zillow copied the model and Opendoor eventually went public via SPAC, with a current market cap north of $15 billion.

Details: OpenStore will be based in Miami, where Rabois loudly relocated to last year from Silicon Valley, and already has hired around a half dozen employees.

  • It's being launched in partnership with venture studio Atomic, whose founder Jack Abraham is another recent Miami transplant.
  • Expect initial funding to come from both Atomic and Founders Fund, where Rabois is a general partner.

Shopping spree: OpenStore is part of a broader consolidation trend in e-commerce, as evidenced by a recent spate of Amazon seller rollups.

  • A source describe the company as "Opendoor for e-commerce businesses." But that appears to be something of a misnomer, as we hear that OpenStore doesn't plan to flip the companies it buys.
  • We are hearing consistently that it won't be just a carbon copy of other e-commerce consolidation plays, which effectively means more info to come.

Atomic and Founders Fund declined comment.

The bottom line: Rabois doesn't lack for ambition or bravado, and just upended the staid residential real estate market. So all eyes should be on what he does with digital retail.

Go deeper

In photos: Long lines and fuel shortages amid Colonial Pipeline shutdown

A sign warns consumers on the avaliability of gasoline at a RaceTrac gas station in Smyrna, Georgia, on May 11. The average national price of gasoline has risen to $2.985 a gallon, Bloomberg notes. Photo: Elijah Nouvelage/AFP via Getty Images

Reports of fuel shortages across the U.S. emerged on Tuesday as the national average for gasoline prices soared to its highest level since 2014 amid a key fuel pipeline shut down, per Bloomberg.

What's happening: Operator Colonial Pipeline aims to have service restored by the week's end following last Friday's ransomware attack that shut down some 5,500 miles of pipeline from Texas to New Jersey. Florida Gov. Ron DeSantis (R) declared a state of emergency after panic-buying created a fuel shortage.

Reports: More than 100 Republicans threaten to form 3rd party over Trump

Former President Trump addressing the Conservative Political Action Conference in Orlando, Florida, in February. Photo: Joe Raedle/Getty Images

More than 100 Republicans will sign a letter Thursday threatening to create a third party if the GOP doesn't "break" with former President Trump, Reuters first reported.

Why it matters: Per Axios' Mike Allen and Jim VandeHei, Trump's grip on the GOP has gotten stronger since the Jan. 6 Capitol riot. The Republican Party's "allegiance to Trump" as he continues to make false claims about his 2020 election loss has "dismayed" the group, according to Reuters.

Updated 3 hours ago - World

In photos: Dozens dead as Israel and Hamas intensify aerial bombardments

People gather at the site of a collapsed building in the aftermath of Israeli air strikes on Gaza City on May 11. Photo: Mahmud Hams / AFP) (Photo by MAHMUD HAMS/AFP via Getty Images

At least 35 Palestinians and five Israelis have been killed as fighting between Israel's military and Hamas entered a third day, per Reuters.

The big picture: The worst aerial exchanges of fire between Israel and Hamas since 2014 come after escalating violence in Jerusalem that injured hundreds of Palestinians and several Israeli police officers during protests over the planned evictions of Palestinian families from their homes.