Faire online marketplace raises $400 million in new funding
Online wholesale marketplace Faire has secured $400 million in a Series G funding round which has valued the company at $12.4 billion.
The round was co-led by new investors Durable Capital Partners and returning investors D1 Capital Partners and Dragoneer Investment Group. The move brings the company’s total funding to over €1 billion to date.
Founded in 2017 by Square alumni Max Rhodes, Marcelo Cortes, Jeff Kolovson and Daniele Perito, Faire connects more than 300,000 retailers with 40,000 brands around the world. With headquarters in San Francisco, it now has a team of 700 people in ten offices in the US, Canada, UK, the Netherlands and Brazil.
The new funding will be used to hire top talent, increase the company’s supply of global brands and to enter new markets around the world.
Faire chief executive Max Rhodes said: “With our global reach, Faire is providing an even greater opportunity for the independent retail community to compete against big-box giants,
“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.”