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Joor secures 46 million US dollars investment to fuel expansion

Business

Image: courtesy of Joor
By Danielle Wightman-Stone

Jun. 15, 2021

Joor, the digital fashion wholesale platform, has raised 46 million US dollars in Series D funding led by Macquarie Capital Principal Finance.

The wholesale platform has more than 12,500 brands and 325,000 curated retailers across 144 countries, covering luxury, fashion, accessories, footwear, lifestyle and home. Each month the service processes over 1.5 billion US dollars.

In a statement, Joor said that the capital would help it accelerate its wholesale commerce capabilities, payments and financing, as well as fuel its continued global and vertical expansion.

Earlier this month the company announced expansion in Asia with a new Shanghai, China office, representing its third office in Asia-Pacific, joining Melbourne and Tokyo. The expansion came as Joor reported that wholesale volume ordered by APAC-based retailers has increased by 139 percent year-on-year and wholesale volume for APAC-based brands grew by 419 percent year-on-year.

Kristin Savilia, chief executive of Joor, said: “Joor’s singular mission is to digitally enable and transform our industry. We are pleased to have such great partners to support us in this mission as we embark on our next stage of growth.

“This new capital enables us to accelerate innovation as an independent company and to continue to provide industry leading solutions in service of our broad global network of brands and retailers.”

Macquarie Capital Principal Finance invests in digital fashion wholesale platform Joor

Alongside Macquarie Capital Principal Finance, previous investors Itochu Corporation, Battery Ventures and Canaan Partners also participated in the Series D funding round. As part of the deal, Joor confirmed that Anand Subramanian, managing director at Macquarie Capital Principal Finance, will join its board of directors.

Subramanian added: “We continue to be impressed by the capabilities of Joor’s technology platform coupled with its industry leading network of brands and retailers. This investment reflects belief in Joor’s talented team and we see significant growth for Joor as they expand their platform to offer payments and financing alternatives to their global client base. We look forward to leveraging our expertise to support the company’s long term success.”

Joor’s platform has evolved over the last decade into a comprehensive solution for digital retail wholesale management, with new business growing by 228 percent in the last 12 months.

The platform has exclusive partnerships with established luxury fashion houses such as LVMH, Kering, Richemont and Capri, leading brands like Stella McCartney, Valentino, Kate Spade and Dr. Martens, as well as department stores including Neiman Marcus, Printemps and Harrods, alongside global digital retailers Ssense, Shopbop and Revolve who conduct their buying exclusively through Joor.

Joor is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo and Shanghai.