Faire, a two-year-old online marketplace that connects more than 7,000 suppliers of assorted consumer goods with buyers for more than 50,000 retail stores, is ready to take its business to new heights.
Max Rhodes, CEO, Faire
The marketplace, which lets retailers try out merchandise before completing a purchase, uses market demand data to “connect local, independent retailers with the best brands, artisans and makers to stock their shelves with the best goods,” it says on its website, adding: “We believe the wholesale industry has evolved in the wrong direction, becoming an obstacle that holds retailers and makers back, rather than a tool to help them thrive.”
Faire contends that its try-before-they-buy model eliminates the risk of paying for inventory that may not sell.
Investors in Faire appear to agree with that business model. Faire announced last week that it had raised $150 million in a Series D funding round from Lightspeed Venture Partners, Founders Fund and other investors.
“We view this fundraise as an important milestone for the future of retail,” Faire founder and CEO Max Rhodes posted to his blog on Medium.com. “Our success will look like more diversity in local communities—special and unique downtowns where people can discover high-quality items sold in stores owned by their neighbors.
“The new investment will help us expand into new markets, improve our marketplace, and continue building tools to free up our customers to focus on the mission that got them started in the first place.”
The recent funding brings Faire’s running total to $266 million, according to Crunchbase.
Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week, covering technology and business trends in the growing B2B ecommerce industry. Digital Commerce 360 B2B News is a publication of DigitalCommerce360.com, whose titles also include Internet Retailer. Contact editor Paul Demery at paul@digitalcommerce360.com and follow him on Twitter @pdemery.
Follow us on LinkedIn and be the first to know when new Digital Commerce 360 B2B News content is published.
Favorite