Faire, an online wholesale marketplace that recently launched in the UK and the Netherlands has raised $260 million in funding at a $7B valuation, led by Sequoia Capital.
The funding round which included existing investors Lightspeed, DST, Founders Fund, Khosla, Forerunner, D1, YC, and Dragoneer in addition to new investors Wellington and Baillie Gifford provides validation that Faire’s vision of a more democratized future for retail is resonating with many of the best investors in the world.
Faire has been dedicated to transforming retail by providing the tools and technology small businesses need to thrive and compete with major retail chains. With this funding, Faire will also broaden their vision and continue their rapid expansion in categories like food and apparel and in new geographies like Europe, where their sales have topped $50M annualized mere weeks after their launch there.
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. Despite a challenging year that took aim at small businesses around the world, Faire remained uniquely positioned to support its customer base and provide the tools and resources they needed to adapt and compete during a critical period.
“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. 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.”
– Max Rhodes, CEO, Faire