Faire raises $400 million in latest funding round
Online wholesale marketplace Faire announced that it has secured $400 million in a Series G investment round, bringing the company’s total valuation up to $12.4 billion.
The investment round was co-led by new investor, Durable Capital Partners LP, and returning investors, D1 Capital Partners, and Dragoneer Investment Group. The round is Faire’s third in just over a year and brings its total funding-to-date to more than $1 billion.
This new capital will help Faire expand its team with new hires and will be used towards building industry-leading tools that equip its customers with the resources to compete. Additionally, this capital will ensure Faire can grow its unique supply of global brands, as well as introduce Faire into new markets and economies around the world.
“Faire’s visionary leadership team is building a business that is truly in balance with all of its stakeholders, allowing emerging brands and independent retailers to do what they do best – create and sell products,” said Anouk Dey, partner of Durable Capital Partners LP. “With their continued investment in the U.K., Europe, and beyond, we believe that Faire will transform the global wholesale market.”
Faire has reported more than 3x year-on-year growth, reaching more than $1 billion in annual volume in less than five years. Most recently, it launched across 15 markets in Europe and the United Kingdom, where it attained annualized sales volume in the region of more than $150 million in six months — a scale that took nearly three years to achieve in North America. Moreover, Faire’s European brand base has grown by more than 10x, with the total amount of products for sale from the region increasing 800 percent, culminating in access to over 400,000 unique products.
The marketplace’s potential growth is also well supported as the National Retail Federation is forecasting record-breaking growth for in-store shopping this holiday season.
“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.”
Founded in 2017, Faire now serves 300,000 retailers across North America and Europe, as well as 40,000 brands from over 80 countries. It has grown to roughly 700 employees, and expects to double headcount in the next year, hiring across all global office locations.
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