Sequoia Capital invests in Canada's Ssense, values firm at C$5bn+
Canadian e-tailer and tech platform Ssense has received a major funding boost with investment firm Sequoia Capital taking a minority stake in a deal that values the business at more than C$5 billion.
The company, which specialises in high-end fashion and streetwear, said it’s the first round of external funding in its 18-year history and will help it to further accelerate its growth globally, and especially in China.
Neil Shen, Steward of Sequoia Capital, and Founding and Managing Partner of Sequoia Capital China, said that “under the leadership of brothers Rami, Firas, and Bassel Atallah, Ssense has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world. Sequoia is excited to support Ssense in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalisation, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.
Following the transaction, Angelica Cheung, Venture Partner for Sequoia Capital China, will join the Ssense board.
Co-founder and CEO Rami Atallah described the new shareholder as “a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth”.
The news comes at a time when fashion may have been battered by the pandemic, but forward-looking fashion businesses remain hot properties. Coming on the same day that the roughly €4 billion valuation for the About You IPO was announced, that fact is very clear.
Fashion-linked firms with a powerful USP and a forward-looking strategy have been much in demand of late. Recent successful IPOs have include Dr Martens, ThredUp, InTheStyle and Mytheresa. And high-profile investments or acquisitions have included Birkenstock, Goat Group, Depop, Vinted, and StockX.
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