Faire
San Francisco-based online wholesale marketplace that connects independent retailers with brands and makers. Founded in 2017, it was valued at $12.59 billion in 2022.
Industry: Online wholesale marketplace | Location: San Francisco, United States | Founded: 2017
About Faire
Faire is an online wholesale marketplace that connects independent retailers with brands and makers. Y Combinator's company page describes it as using machine learning to match local retailers with brands and products, and as offering brands sales, marketing and analytics tools. The company is based in San Francisco.
Faire was founded in 2017, originally under the name Indigo Fair, according to VentureBeat; Sequoia Capital's page gives 2016. Y Combinator lists Max Rhodes as founder and chief executive, Marcelo Cortes as founder and chief technology officer and Daniele Perito as a founder, and says the company was in the Winter 2017 batch. VentureBeat described all three as former Square employees, and Sequoia also lists Jeff Kolovson as a founder.
In December 2018 TechCrunch reported that Faire had 15,000 retailers actively buying and about $100 million in run-rate sales. By October 2019, VentureBeat reported that retailers could reach more than 7,000 makers and makers more than 50,000 stores. TechCrunch's May 2022 article gives November 2021 figures of more than 450,000 retailers and more than 70,000 brands from over 100 countries, with annual volume above $1 billion. It also reported European annualized sales volume above $150 million within six months of entering 15 markets.
TechCrunch reported in December 2018 that Faire raised a $40 million Series B led by Lightspeed Venture Partners and a $60 million Series C led by Y Combinator's Continuity fund, at a reported valuation of $535 million. A $150 million Series D in October 2019, co-led by Lightspeed and Founders Fund, valued it at $1 billion. Faire announced a Series G in November 2021 and a $416 million extension on May 10, 2022, which brought the round to $816 million at a post-money valuation of $12.59 billion. Durable Capital Partners, D1 Capital Partners and Dragoneer Investment Group co-led the first tranche, and TechCrunch put total funding at over $1.4 billion.
A TechCrunch headline of November 2023 reported that Faire laid off 20 percent of its staff.
Leadership
- Max Rhodes, Co-founder and Chief Executive Officer
- Marcelo Cortes, Co-founder and Chief Technology Officer
- Daniele Perito, Co-founder
- Jeff Kolovson, Co-founder