Online wholesale marketplace Faire has raised $260 million in a Series F funding round led by Sequoia Capital. This latest round values Faire at $7 billion, nearly triple the $2.5 billion valuation that followed its Series E round in November 2020.
Developed to help connect small and medium-sized retailers with brands and artisans from around the world, Faire currently facilitates partnerships among more than 200,000 retailers across North America and Europe with 20,000 brands from 80+ countries.
This latest funding comes three months after Faire expanded into Europe. In addition to Sequoia, the round includes existing investors Lightspeed, DST, Founders Fund, Khosla, Forerunner, D1, YC and Dragoneer as well as new investors Wellington and Baillie Gifford.
The company reported that sales in Europe topped $50 million (on an annualized basis) within weeks of launching. The company is currently operating across the UK, the Netherlands, France, Germany, Spain and Italy with plans to expand across all of continental Europe in the coming months. Faire also reported that 70% of its European sales to date have been transatlantic, a signal of the cross-border strength of the platform.
Faire will use the new funding to continue its geographic expansion as well as move into new categories such as food and apparel. The company will also continue its Open with Faire program, which gives new retailers the opportunity to get up to $20,000 of inventory interest-free to stock their entire store with Faire.
“This latest round is validation that our vision of a more democratized future for retail is resonating with many of the best investors in the world,” said Max Rhodes, CEO and Co-founder of Faire in a blog post announcing the new funding. “When we launched Faire, we entered the $25 trillion retail industry through a backdoor that had long been overlooked in the tech world. With all the innovation focused on connecting brands and retailers directly with consumers, the wholesale market where brands connect with retailers remained behind the scenes and full of untapped potential. Even now, with Faire reaching $1 billion in annual volume in just four years, we believe the size of this market is vastly underestimated.”