Online marketplace Faire’s $400 mln funding lifts valuation to $12.4 bln

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Nov 16 (Businesshala) – Online wholesale market Fair said on Tuesday it has raised $400 million in its third funding round in less than two years at a valuation of $12.4 billion.

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San Francisco-based Fair, which helps small retailers connect with smaller brands, last raised $260 million in June, valuing the company at $7 billion.

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The latest investment round was led by Durable Capital Partners, D1 Capital Partners and Dragoneer.

Jeff Kolovson, co-founder and chief operating officer, said, “It’s probably safe to say that we’re not likely to grow in the next 12 months as often as we did in the last 12 months because we feel really well capitalized. We do.” Interview.

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“That said, we will probably remain opportunistic if it makes sense for the business and our customers.”

Investors are particularly attracted to Faire’s wholesale business model that helps small and medium-sized businesses grow online, offering shipping, payments, e-commerce platforms and marketing services, and the Amazon.com Inc. Marketplace. Makes it possible to sell outside.

Faire now has 300,000 retailers in North America and Europe, as well as 40,000 brands from more than 80 countries on its platform.

“We are on track to do over a billion dollars in GMV (gross trading value) this year,” Kolovson said.

Founded in 2017, Fair has raised more than $1 billion to date from the likes of Bailey Gifford, Founders Fund, Khosla Ventures, Lightspeed Venture Partners, Sequoia Capital and Y Combinator. (Reporting by Supanth Mukherjee, a European technology and telecommunications correspondent based in Stockholm Editing by Matthew Lewis)

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