Investors aren’t as bullish about putting money into online retail as they once were. An Internet Retailer analysis shows that Top 1000 retailers sold since 2014 only earned a valuation of 0.77 prior-year sales, down significantly from 1.56 in the 2009-2013 period. The reason is simple: Amazon’s growing dominance is scaring off some potential investors.

But there is one group of online retailers that venture capitalists and other money managers are very excited about.

VCs often call them “vertically integrated and digitally native” companies. They’re vertically integrated in the sense that they design and brand their own products, rather than reselling merchandise produced by others. And they’re digitally native in the sense that they got their start on the web—even if they sometimes migrate to other selling channels.

Here are some examples: (To read the rest of the article, click below for membership options or sign in if you are already a member.)

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