B2B marketplace Joor sets sights on Asia following $16m Series C funding round
today Feb 19, 2019
Joor, a New York-based wholesale platform and data exchange that connects brands with retailers, has announced the closing of a $16 million Series C funding round.
The round was led by Japanese corporation Itochu, with support from existing investors Canaan Partners and Battery Ventures. According to a press statement, Joor has now raised a total of $36 million and will use the funding to expand into Asia, as well as to drive ongoing product innovation for both brands and retailers.
Currently, Itochu handles over 150 U.S. and European brands within the Japanese market. Through the partnership, Joor will have access to the Japanese company's brands and will help accelerate the entry of new overseas brands into Japan.
"[Joor has] leading technology, innovative solutions for brands and retailers, and a robust marketplace," said Yoshihiro Fukushima, executive officer of Itochu, in a release. "Joor's dominance in North America and Europe make them the natural choice for expansion into the Japanese market."
According to Joor, whose clients include the likes of LVMH, Balenciaga, Alexander McQueen, Marc Jacobs and Bergdorf Goodman, this growth is supported by demand from brands searching "for a proven solution to support wholesale's digital transformation."
"Our mission is to bring the industry together with one platform," said Kristin Savilia, chief executive officer of Joor. "The team at Itochu supports this mission and we are excited to have their expertise and support to enable Joor to expand into Asia."
Together with its new Japanese partner, Joor is set to enter Asia at a time when the future of the Japanese market seems particularly bright. Japan is currently the second largest luxury market in the world after the U.S., spending 3.6 trillion yen (roughly 33 billion dollars) each year on luxury goods according to a report by McKinsey & Co.
Furthermore, the country's market is anticipated to grow between 3 and 4% over the next few years thanks to greater consumer interest in high-end fashion.
To-date, Joor has transacted $23 billion in gross merchandise volume across 3.68 million orders, nearly half of which took place in the last 12 months.
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