Faire will use the funding to expand across Europe. Here are the top-line bullets you need to know.
Faire, an online wholesale marketplace for retailers and brands, has raised $260M in a Series F. The round drew participation from Sequoia Capital, Wellington Management, and Baillie Gifford & Co.
How is the company performing?
- California-based Faire is an AI-based platform that allows retailers to purchase wholesale merchandise for their stores.
- Its operations are spread across 80 countries including the US, the Netherlands, the UK, France, Germany, Spain, and Italy. Faire’s platform reportedly provides more than 200,000 retailers with over 20,000 brands.
- The company reported a 300% year-on-year growth in volumes and sold more than 75M products in 2020.
- Flaire currently has 500 employees and aims to double this number by next year.
Why does the market matter?
- The B2B e-commerce market is expected to grow at a CAGR of 18.7% and reach a value of $6.64T by 2028, according to Grand View Research.
- Given Amazon’s stronghold over the online retail market, retailers are doubling down on unique strengths like niche assortment and distinctive convenience and consolidating through mergers, acquisitions, and partnerships.
- Investments by most brands in e-commerce initiatives have increased by more than 50% between 2019 and 2020.