Carbon6 went from zero to $50M+ ARR in under three years, including 18 acquisitions, a $50MM+ raise, and a $301M strategic exit

Carbon6
|
carbon6.io
"Partnering with Frankel as our fractional CFO was instrumental in scaling Carbon6 from $0 to over $50M in ARR. Over three years, they guided us through raising $50MM+ in capital, navigating complex financial and strategic challenges, and positioning the company for a successful exit. Their rigor, strategic perspective, and steady leadership provided clarity and confidence at every stage of growth. Carbon6’s trajectory, culminating in a $300M CAD exit, would not have been possible without their expertise and partnership."

Kazi Ahmad

Founder & CEO, Carbon6

Who

Founded in 2021 and based in Toronto, Carbon6 is an all-in-one platform built to empower e-commerce sellers on Amazon and other marketplaces. By consolidating a suite of best-in-class tools for everything from PPC optimization to inventory management and profit recovery, Carbon6 simplifies the complexities of e-commerce and enables sellers to scale. In just a few years, the company became one of the fastest-growing software platforms in the Amazon ecosystem, culminating in its $301 million ($210 million USD) million acquisition by SPS Commerce in 2025.

Situation

Carbon6 engaged us in September 2021, when the company was pre-revenue but had ambitious plans to consolidate fragmented software tools in the Amazon seller ecosystem. The founding team needed support to assess acquisition opportunities, build a scalable financial foundation, and prepare for an aggressive fundraising strategy. As Carbon6 evolved, so too did our role—from early-stage diligence and financial modeling to helping navigate a strategic sale.

Solution

Our team supported Carbon6 from inception through exit by providing the following services:

  • Buy-Side Diligence & Modeling: We built the financial infrastructure that enabled Carbon6 to evaluate and execute over a dozen acquisitions. Our models informed valuation, unit economics, and integration strategy.
  • Capital Raise Support: We helped the team raise over $50MM+ million in capital, providing the financial clarity and rigor needed to secure investor confidence at each stage.
  • Cohort & Retention Analytics: As the business matured, our model was central in evaluating customer-level economics, including gross and net retention, cohort behavior, cross-product sales, and margin by product line.
  • Exit Support: In 2024, as Carbon6 explored strategic options, advised management through diligence during the sale process to SPS Commerce, which ultimately resulted in a $301 million acquisition in early 2025.

Results

Our work was instrumental in Carbon6’s growth and successful exit:

  • From $0 to $50M+ in ARR, within three years
  • Raised over $50MM+ in growth capital
  • Completed 18 strategic acquisitions, integrating and scaling a unified platform
  • Sold to SPS Commerce in a $301 million acquisition in 2025

Today, Carbon6 stands as one of Canada’s fastest-scaling SaaS success stories, with a platform powering thousands of Amazon sellers globally.

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