Faire Nearly Triples its Valuation to $7B With $260M Series F Funding Round Led by Sequoia
Faire, the online wholesale marketplace connecting more than 200,000 retailers across North America and Europe with 20,000 brands from over 80 countries, today announced the closing of $260 million in a Series F investment round led by Sequoia Capital (News - Alert). The funding, which includes all existing investors as well as new global investors Baillie Gifford and Wellington Management, values Faire at $7 billion, nearly tripling its previous valuation of $2.5 billion announced just over six months ago.
This funding and vote of confidence from world-class investors comes just weeks after Faire's expansion into Europe, which brings the platform's powerful cross-border network effects to the $1 trillion European market. Across North America and Europe, independent retailers are doing more than twice the revenue of Walmart and Amazon combined. Faire's entrance into Europe, one of the world's largest and most diverse economies, represents a significant opportunity to accelerate and strengthen the combined competitive power of the international independent retail community.
"We are in the midst of a multi-decade digital transformation," said Ravi Gupta, Partner at Sequoia. "The world-class team at Faire is leading the way in digitizing the multi trillion-dollar global wholesale market. We at Sequoia are more excited than ever about the opportunity ahead and we are thrilled to continue our partnership."
Faire's impact in Europe to-date signals that the digitalization of wholesale has had a meaningful effect on positioning independent retailers against big box chains and ecommerce giants, and is emblematic of Faire's future contribution to local economies across the globe.
"Faire's pace of growth signals that independent retailers across the globe are evolving and changing the face of the retail industry as we have known it," said Faire CEO, Max Rhodes. "We have always believed in this thriving community of entrepreneurs, and are honored to be a navigating partner for them through the pandemic and into these periods of recovery. Faire will continue to invest in independent brands and retailers at one of the most important times in history, as small businesses reopen around the world. We know that they will rebuild and reimagine the future of retail to better serve their local communities."
This new capital will help Faire continue to build leading tools and market events that equip its customers with the resources they need to thrive, including doubling down on its investment within apparel after seeing meaningful category growth. Additionally, this capital will help Faire continue to hire top talent to significantly increase headcount across all global offices, as well as introduce Faire into new markets to create a truly globalized marketplace where retailers and brands around the world can seamlessly connect and meaningfully compete against retail giants.
Faire is a wholesale marketplace taking a data-driven approach to connect local, independent retailers with the best brands and artisans to stock their shelves with the best goods. Faire retailers rely on Faire for the convenience of ordering from thousands of their favorite brands all in one place, net 60 payment terms, free returns on opening orders, and freight caps. For brands, the platform provides powerful sales, marketing, and analytics tools, so sellers can simplify their wholesale business and focus on making great products.
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