Online marketplace Faire raises 400 million dollars in funding

Online wholesale marketplace Faire has raised 400 million dollars in a Series G funding round, increasing its valuation to 12.4 billion dollars.

The funding round - Faire’s third in a year - was co-led by investors Durable Capital Partners LP, D1 Capital Partners, and Dragoneer Investment Group.

It brings the San Francisco-based company’s total funding to date to over 1 billion dollars.

Faire said it will use the new capital to hire new talent, grow its brand base and expand to new international markets.

Faire was founded in 2017 by Square alumni Max Rhodes (CEO), Marcelo Cortes (CTO), Jeff Kolovson (COO), and Daniele Perito (CDO).

“With our global reach, Faire is providing an even greater opportunity for the independent retail community to compete against big-box giants,” said Rhodes in a statement.

“By removing the traditional growth hurdles our customers face, we have enabled more opportunities, more connections, and more possibilities for the entrepreneurs who use the platform.”

Six months since launching across 15 markets in Europe and the UK, Faire’s annualized sales volume in the region has exceeded more than 150 million dollars. That same milestone took the company nearly three years to achieve in North America.