Faire, A Retail Marketplace, Raises $150 Million
Bay Area based startup Faire announced they have completed a successful funding round that it says will allow them to invest more into the future success of the company.
The $150 million in venture capital Series D funding was co-led by Lightspeed Venture Partners and Founders Fund. Khalsa Ventures, Forerunner Ventures, and YC Continuity also joined into the funding. Faire has raised $266 million since its 2017 launch.
Thanks to this funding, the latest valuation for the startup has popped above the $1 billion mark.
Faire gives smaller retailers a boost by providing a wholesale marketplace to discover and stock new products for their customers.
“We’re excited to have the support of such incredible investors as we build towards our mission of empowering entrepreneurs to chase their dreams”, said the startup, in its blog announcing the news.
“Raising money is sometimes mistaken for success. We view this fundraise as an important milestone for the future of retail. 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 Faire expand into new markets, improve its marketplace, and continue building tools to liberate their clients form repetitive duties.
Acording to Forbes, Faire offers 7,000 brands to 50,000 stores, and has facilitated the sale of 15 million products in the last two years. Once scoring $1 million in sales a month, it now boasts $1 million in sales a day.