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FILE PHOTO: An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERS(Reuters) - Online wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc or Walmart Inc, said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We’re still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We’re, Ravi Gupta, Organizations: REUTERS, Reuters, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital Locations: Austin , U.S, United States, U.S, Europe
Online wholesale marketplace Faire raises $260 mln, valued at $7 bln
  + stars: | 2021-06-10 | by ( Jane Lee | ) www.reuters.com + 1.00   time to read: +2 min
An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERSOnline wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc (WMT.N), said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We're still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We're, Ravi Gupta, , Eric Newcomer Organizations: REUTERS Online, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital, Thomson Locations: Austin , U.S, United States, U.S, Europe
An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERSOnline wholesale marketplace Faire said on Thursday it raised $260 million in its latest funding round and is now valued at $7 billion, thanks to the fast growth in e-commerce following the pandemic. Faire helps small retailers connect with small brands, helping them to compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc (WMT.N), said Faire Chief Executive and co-founder Max Rhodes. Following its success in the U.S. market, Faire expanded into Europe three months ago and is seeing fast growth there, said Rhodes. “We're still in the single-digit online penetration for the wholesale market,” said Sequoia partner Ravi Gupta.
Persons: Max Rhodes, , Rhodes, “ We're, Ravi Gupta, Organizations: REUTERS Online, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital, Thomson Locations: Austin , U.S, United States, U.S, Europe
Online wholesale marketplaces are becoming popular with investors. Online wholesale marketplaces are having a moment. But Faire and Abound are not alone in the online wholesale space. There's NuOrder, which has more than 3,000 brands and 500,000 retailers on its platform and has raised $36.9 million in venture capital. Sourcing products you can't find on AmazonThese wholesale marketplaces offer a host of benefits for both brands and retailers.
Persons: Max Rhodes, Daniele Perito, Marcelo Cortes, Jeffrey Kolovson, Rhodes, Niklas de la Motte, Bill Shope, Drew Sfugaras, Harley Miller, Miller, Alex Taussig, Shopify, Etsy, Lauren Cooks Levitan, Cooks Levitan, lockdowns, Robin Sherk, Sherk, Fabrice Grinda, Taussig, It's, you'd Organizations: Companies, Sequoia Capital, Sequoia, Left, RiverPark Ventures, Iron Ventures, Left Lane, Lightspeed Venture Partners, Amazon, Walmart, Tech, FJ Labs Locations: Left Lane
Faire, a wholesale marketplace startup backed by Sequoia Capital, wants to help new small businesses open during the pandemic by offering up to $20,000 to stock up on inventory. Faire co-founder and CEO Max Rhodes told us he started the "Open with Faire" program because small businesses often end up in a "death spiral" in their first year. Now valued at $2.5 billion, Faire survived its own version of a "disaster movie," after sales dropped 60% in a one-week period in March. Rhodes had a thriving career as a product manager at Square, working on Square Capital and Square Cash. IPO on the horizonWith $170 million in fresh capital, Faire is entering the new year with big plans.
Persons: Max Rhodes, Jane Estes, Estes, Rhodes, Jack Dorsey Rhodes, Jack Dorsey, Dorsey, There's, Paul Graham, Jessica Livingston, Kirsten Green, Green, Kirsten Green Getty, Faire's, Jeffrey Kolovson, Marcelo Cortes, Daniele Perito, Ravi Gupta, Airbnb Organizations: Sequoia Capital, Business, Yale University, Bain & Co, Capital, Twitter, YC, Forerunner Ventures, Ventures, Sequoia Locations: Georgetown , Texas, Norman , Oklahoma, Mexican, San Francisco, Brunswick , Georgia, Francisco's, U.S, Europe
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