Venture Capital: Online Wholesale Marketplace Faire Nabs $400M At $12.4B Valuation
The Series G round was Faire’s third in just over a year.
Faire, a wholesale ecommerce platform that serves as a bridge between independent brands and small business owners looking for affordable merchandise, announced its $400 million Series G raise co-led by investors Durable Capital Partners LP, D1 Capital Partners, and Dragoneer Investment Group. (Wall Street Journal)
The round, Faire’s third in just over a year, valued the San Francisco-based startup at a solid $12.4 billion.
The company has availed total funding till date of over $1 billion. Investors include Baillie Gifford, D1 Capital Partners, Dragoneer Investment Group, DST Global, Forerunner Ventures, Founders Fund, Khosla Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Sequoia Capital, Wellington Management, Y Combinator.
Faire: Rapid growth
- sold over 125 million products in the last year, recording an average of over $10 million in sales per day during peak buying events
- reported more than 3x year-on-year growth, reaching more than $1 billion in annual volume in less than five years
- the number of employees has more than doubled over the past year, now representing a team of roughly 700
- Since launch this year, Faire’s European brand base has grown by more than 10x, with the total amount of products for sale from the region increasing 800%, culminating in access to over 400,000 unique products.
Use of funds
Faire will use the new money to hire top talent, and build more platform tools. It also intends to enter new markets across the world, and to enhance its supply of brands for businesses to sell in stores.
“With our global reach, Faire is providing an even greater opportunity for the independent retail community to compete against big-box giants,” said Max Rhodes, Faire co-founder and CEO. “By removing the traditional growth hurdles our customers face, we have enabled more opportunities, more connections, and more possibilities for the entrepreneurs who use the platform. Our ability to deliver local and cross-border demand to brands, and in turn offer retailers access to a more expansive, data-driven selection is how Faire will define the future of retail.”
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