We built Faire because we believe that small businesses are vital to our communities. The resilience of our customers in the face of the unpredictable conditions of this year has strengthened that conviction.
Today, we’re excited to announce that we have raised $170 million in funding in a Series E round, led by Sequoia Capital — a major milestone that will allow us to continue investing in our community of more than 100,000 local retailers and 10,000 brands. With this additional capital, we’re excited to continue building more products and services to support you, our retailers and brands, with a world-class wholesale buying and selling experience.
Local retail is strong
Despite a slow-down in foot traffic and consumer spending in other areas of the economy, support for local retail has remained strong. Local shops have provided a safe and convenient space for people to stay connected to their neighbors and stock up on essentials or products that help make extra time at home more comfortable. We saw retailers adapt quickly, getting online shops up and running, offering personalized shopping appointments, and setting up safe curbside pickup and delivery operations. As a result, we’re seeing nearly 90% of consumers planning to commit their spending power to local businesses this holiday season.
We’ve always believed the future is local, and we’re doubling down on that belief.
Building the future of wholesale, together
We’ve grown a lot over the last year, and our network of local retailers and independent brands is stronger than ever. On our platform and through Faire Summer Market, brands have been able to sell to new and existing retailers safely throughout the pandemic. And, our local retailers have been able to order inventory on their own timelines throughout the year, allowing them the flexibility to provide the products their customers want and need. We’re excited to continue to build tools and resources like these that will help our community succeed while you focus on what you do best. We believe wholesale and independent retail will continue to recover and come back stronger than ever before.
Fundraising is an important step towards our mission of empowering entrepreneurs like you to chase your dreams. We believe in the shop local movement, and our investors do too. This new capital will help us hire top talent, grow our customer experience teams, continue to build tools that equip you to compete with big-box chains and e-commerce giants, and introduce Faire into new markets around the world. We plan to launch the Faire marketplace in the United Kingdom next year, with additional European markets to follow. This expansion will open up a new range of retailers in markets outside of North America that can discover and sell your unique products.
A lot has changed this year, but we remain inspired and optimistic about the future of retail. Thank you to the broader Faire team for all the work and passion you bring to our mission, and thank you to our community of retailers and brands for joining us on this journey and embracing the adventure.
Founder & CEO, Faire