Online marketplace Jane secures $40 million in funding
Jane, the Lehi, Utah-based boutique marketplace for womenswear, accessories, home decor and children’s fashion, announced on Tuesday that it has received a $40 million growth investment from Tritium Partners.
As the first round of financing completed by Jane since its foundation in 2011, the funds will be used to accelerate the e-commerce platform’s growth and support its aggressive international expansion plans.
In particular, the company intends to put the funds towards creating a more personalized customer experience on its platform, implementing both category expansions and geographic growth, and developing new features for its boutique sellers.
Led by Canadian online marketplace vet Taleeb Noormohamed since August of this year, Jane has seen its year-over-year growth exceed 80% at various points throughout 2020 and has regularly broken daily sales records.
“As we partner with Tritium and embark on the next phase of our journey, we are focused on building Jane into a global, household brand as we expand our services to reach more customers and empower more small boutique merchants around the world,” explained Noormohamad in a release.
Tritrium Partners is a private equity firm with extensive experience in working with growing online marketplaces. The firm’s previous investments include Vrbo and RetailMeNot.
“We see significant potential for Jane in a market where consumers are rallying behind small businesses and looking for more personalized experiences,” added Tritrium Partners managing partner Matt Bowman. “We are thrilled to partner with Jane to further enhance their category offerings, geographic reach, and marketplace features.”
Although the Covid-19 pandemic has taken a heavy toll on the retail sector, many e-commerce platforms have thrived during the health crisis, as government restrictions and temporary brick-and-mortar closures have led consumers to refocus their spending online.
Earlier this month, stock exchange-inspired online marketplace StockX announced that it had secured $275 million in Series E funding, following a quarter where it achieved a 75% increase in revenues totaling over $100 million.
Resale platforms have been particularly successful during the pandemic, with both Poshmark and ThredUp having filed for U.S. IPOs over the last few months.
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