Online retailer Faire Wholesale Inc. raised $400 million in its third funding round during the past 13 months, valuing the startup at $12.4 billion and enabling it to expand its workforce and its finance function.
San Francisco-based Faire, founded in 2017, provides mom-and-pop stores with an Amazon-like marketplace for wholesale items ranging from home décor to apparel.
The capital raise, which closed Monday, provides Faire with funds to accelerate its international expansion and invest in its platform, Chief Financial Officer Lauren Cooks Levitan said. The company launched its platform in Europe earlier this year and plans to focus on accelerating its growth in the region, Ms. Cooks Levitan said. “This new capital is earmarked to primarily hire top talent—continue hiring top talent—to significantly grow our teams,” she said.WSJ