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.
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REUTERS, Reuters, Amazon.com Inc, Walmart Inc, Zealand, Sequoia Capital
Austin , U.S, United States, U.S, Europe