Online wholesale marketplace Faire has closed a $400 million Series G round, which will allow it to continue working on its marketplace for smaller retailers, the company announced last Tuesday (Nov. 16).
The new funding will let the company keep hiring talent and adding more brands to its marketplace, along with adding the company to more global marketplaces.
Faire’s services purport to allow small merchants and brands to team up in a unique system, where a merchant can buy a new brand on the platform and then see how well the merchandise sells over a 60-day period before they pay. Because of this, Faire only gets paid if the customers like the merchandise.
The round is Faire’s third this year. The value of the company now sits at $12.4 billion, and the total funding is more than $1 billion.
The company rolled out in 15 markets in Europe and the U.K. six months ago, and sales volume there has now hit $150 million.
Max Rhodes, Faire co-founder and CEO, said the idea behind the company was to help independent retailers do better in competition against huge companies.
“By removing the traditional growth hurdles our customers face, we have enabled more opportunities, more connections and more possibilities for the entrepreneurs who use the platform,” Rhodes said, per the release.
The release notes that there has been more independent retail going on in the world. The National Retail Federation has forecast a large amount of growth in in-store holiday shopping this year, and Faire’s cross-border trade improvements will be able to boost those numbers.
PYMNTS reported earlier this year on another Faire funding round, which valued the company at $7 billion. The company said that round would go toward maintaining growth in various retail areas and expanding into new ones.
In addition, Faire said it would be adding new ways to serve communities as the pandemic’s shifts to retail continued.
Read more: Faire’s Fundraise Pushes Valuation To $7 Billion As Independent Retail Recovers
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