Faire's business has tripled in the last year as mom-and-pop shops turned to the platform to stock up on in-demand items.Faire has completed a $170 million Series E round led by Sequoia Capital that more than doubled the valuation of the online wholesaler to $2.5 billion, as the San Francisco-based startup cashes in on pandemic shopping patterns by helping small businesses stock up on in-demand items.
The pandemic initially forced the majority of stores on the platform to shut their doors, sending inventory orders plunging byand leading more than half of its retail customers to warn they could be out of business in three months. In response, Faire offered extensions on its payment terms for retailers who had purchased inventory and waived the fees it charges brands to get paid for orders right away.
“There has been an outpouring of support from communities and people are going out of their way to shop local right now because they recognize how important they are to the communities and want to make sure they get through what has been a really difficult year,” Rhodes says. It plans to use the capital raised to expand further internationally, entering the United Kingdom next year and other European countries shortly thereafter. It will also look to expand its customer base with a focus on attracting larger retailers with five to 10 locations and apparel retailers, and to hire more staff for its four offices.
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