Exclusive-Online wholesale marketplace Faire raises $260 million, valued at $7 billion

Investing.com - Financial Markets Worldwide

Please try another search

Economy5 hours ago (Jun 10, 2021 12:30AM ET)

© Reuters. FILE PHOTO: An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERS

By Jane Lanhee Lee

(Reuters) – Online wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic.

Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc (NASDAQ:) or Walmart (NYSE:) Inc, said Faire Chief Executive and co-founder Max Rhodes. He started the company as he experienced the challenges of finding sales channels for an upscale New Zealand umbrella brand he was trying to sell in the United States.

“We were flying all over the country, going to trade shows. We were emailing back and forth with retailers. Email was kind of the height of the technological innovation for us in that business,” said Rhodes.

There are an increasing number of tech companies that are helping small and medium-sized businesses grow online, offering shipping, payment, e-commerce platforms and marketing services, and making it possible to sell outside of the Amazon marketplace.

One of Faire’s most popular filters to add in merchandise searches is the “not on Amazon,” said Rhodes. He said the average retailer or brand on Faire’s platform has about $250,000 in annual sales, but some are also growing big, fast.

Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes.

The funding round was led by Sequoia Capital, one of Silicon Valley’s top venture capital firms. 

“We’re still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta. “We’re in the very early innings of what we think is a multi-decade-long trend towards digitization on some of these things.”

Related Articles

U.S. CPI, ECB Meeting, Bitcoin and GameStop - What's Moving Markets

U.S. CPI, ECB Meeting, Bitcoin and GameStop – What’s Moving Markets
By Investing.com – Jun 10, 2021
3

By Peter Nurse
Investing.com — Much-anticipated U.S. consumer prices are due for release, the ECB meets, Bitcoin rebounds after El Salavador adopts the digital currency, GameStop…

Analysis-The great British reopening: how investors are picking their bets

Analysis-The great British reopening: how investors are picking their bets
By Reuters – Jun 10, 2021

By Tommy Wilkes and Joice Alves LONDON (Reuters) – Cinema tickets, traffic jams, office footfall, web conferencing, even private jet leasing: investors are parsing motley metrics…

Chinese companies free to choose listing venues, but must obey laws - regulator

Chinese companies free to choose listing venues, but must obey laws – regulator
By Reuters – Jun 10, 2021

SHANGHAI (Reuters) – China’s top securities regulator said on Thursday that Chinese companies are free to choose their listing locations but they must abide by local laws and…

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *