JOOR raises $46m to aid faster growth and innovation
Major digital fashion wholesale platform JOOR has announced that it has raised $46 million in Series D funding and will use the new cash to accelerate its growth and focus even more on innovation.
The company operates a wholesale marketplace platform in luxury, accessories, footwear, lifestyle and home, and carries over 12,500 brands and 325,000 curated retailers in 144 countries. It processes more than $1.5 billion in wholesale transactions each month.
It has raised the new funding from investors led by Macquarie Capital Principal Finance.
JOOR CEO Kristin Savilia said the firm’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”.
The pandemic has clearly been a boon for JOOR and the company said it has grown its new business by 228% in the last 12 months.
Macquarie Capital Principal Finance’s MD Anand Subramanian was clearly impressed by its progress and said the “investment reflects belief in JOOR’s talented team and we see significant growth for [it] 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”.
It claims a leadership position in North America and Europe, and recently announced its Asian expansion as the first B2B wholesale platform to launch operations serving brands and retailers in mainland China. “This new foothold in China, in addition to its existing presence in Japan and Australia, positions the company solidly for successful growth in the Asia-Pacific region,” it said.
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