Make EXCLUSIVE Online Wholesale Marketplace Raises $ 260 Million, Worth $ 7 Billion
The Faire online wholesale marketplace said Thursday it raised $ 260 million in its most recent fundraising round and is now valued at $ 7 billion, thanks to the rapid growth of e-commerce following the pandemic.
Doing helps small retailers connect with smaller brands, helping them compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc (WMT.N), the general manager said and Faire co-founder Max Rhodes. He started the business when he was faced with the challenges of finding sales channels for a high-end New Zealand umbrella brand that he was trying to sell in the United States.
“We flew all over the country, went to trade shows. We exchanged e-mails with the retailers. Email was sort of the pinnacle of technological innovation for us in this industry, ”said Rhodes.
There are a growing number of tech companies that are helping small and medium businesses grow online, offering shipping, payment, e-commerce, and marketing services, and selling outside of the Amazon Marketplace.
One of Faire’s most popular filters to add to merchandise searches is the “not on Amazon,” Rhodes said. He said the average retailer or brand on Faire’s platform has around $ 250,000 in annual sales, but some are growing rapidly as well.
Following its success in the US market, Faire expanded to Europe three months ago and is growing rapidly there, Rhodes said.
The funding round was led by Sequoia Capital, one of Silicon Valley’s leading venture capital firms.
“We are still in single-digit online penetration for the wholesale market,” said Ravi Gupta, Sequoia partner. “We’re at the very beginning of what we think is a decades-long trend of digitizing some of these things. “
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