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Illustration: Aïda Amer/Axios

OpenStore, a Miami-based rollup of Shopify merchants, raised $30 million in Series A funding led by Khosla Ventures at around a $250 million post-money valuation, Axios has learned.

Why it matters: This is almost a backhand compliment to Amazon, suggesting that Amazon is so good at optimizing merchant relationships that there's little way for a consolidator to improve the bottom line. Shopify sellers, on the other hand, usually need to get their own customers and manage their own fulfillment.

Other investors include General Catalyst and insiders Founders Fund and Atomic. The company also has secured an undisclosed amount of debt, which it's using to help bankroll acquisitions.

Timeline: OpenStore launched an invite-only acquisition process two weeks ago, reaching out to a few thousand merchants. That will switch into a public launch within the next 10 days. At some point, OpenStore plans to launch a consumer-facing product featuring all of its Shopify merchants.

The bottom line: OpenStore shares obvious etymology and lots of DNA with Opendoor, another Keith Rabois-founded company that uses an algorithm to buy houses, sight unseen. Perhaps less obvious is its tie to Square, where Rabois was once COO, which sought to automate merchant accounts that traditionally required weeks of due diligence.

Go deeper

Mike Allen, author of AM
26 seconds ago - Politics & Policy

America's "Friendscape" crisis

New research shows Americans have fewer friends than in the past, and are less likely to have a best friend.

  • Why it matters: At a time of excruciating mental and societal stress, this is another sign we're breaking apart. And the friendship drought could get worse with more people working remotely or hybrid-ly.

Pelosi says it's her "plan" to appoint GOP Rep. Kinzinger to Jan. 6 committee

House Speaker Nancy Pelosi (D-Calif.) said Sunday that it is her "plan" to appoint Rep. Adam Kinzinger (R-Ill.) to the House select committee investigating the deadly Jan 6. Capitol riots.

Why it matters: Pelosi's statement to ABC's "This Week" comes after she rejected two of the five Republican appointments offered by House Minority Leader Kevin McCarthy (R-Calif.).

Updated 3 hours ago - Sports

Olympics dashboard

⛳️: Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

📺: The Olympic events to watch today

🏊: Athlete spotlight — When to watch swimming star Katie Ledecky

🏀: U.S. Men's basketball suffers first Olympic loss since 2004

🤖: The robot Olympics

🚨: Heat wave brings scorching temperatures to Tokyo Olympics

🎤: Meet the new faces of NBC's Olympics coverage

Go deeper: Full Axios coverage