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Exclusive-Online wholesale Market Faire Increases $260 million, valued at $7 billion

Please try another search Economy2 hours ago (Jun 10, 2021 12:30AM ET) © Reuters. FILE PHOTO: An Apt F retailer goes wholesale shopping on the Faire platform that connects small brands with small retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERS By Jane Lanhee Lee (Reuters) – Online wholesale marketplace…


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Economy2 hours ago (Jun 10, 2021 12: 30AM ET)

Exclusive-Online wholesale marketplace Faire raises $260 million, valued at $7 billion© Reuters. FILE PHOTO: An Apt F retailer goes wholesale purchasing on the Faire platform which joins small brands with little retailers in this picture taken in Austin, U.S., August 2019. Faire/Handout via REUTERS

By Jane Lanhee Lee

(Reuters) – Online wholesale market Faire said on Thursday it climbed 260 million in its latest funding round and is presently valued at $7 billion, as a result of the fast increase in e-commerce following the pandemic.

Faire helps small retailers connect with little brands, helping them to compete with retail giants like Amazon.com Inc (NASDAQ:-RRB- or Walmart (NYSE:-RRB- Inc, said Faire Chief Executive and co-founder Max Rhodes. He began the company as he had the challenges of finding sales channels for an upscale New Zealand umbrella brand that he was hoping to market in the United States.

“We were flying all over the country, going to trade shows. We were emailing back and forth with retailers. Email was kind of the height of the technological innovation for us in that business,” said Rhodes.

There are an increasing number of technology companies that are assisting small and midsize businesses grow online, supplying payment, shipping, e-commerce platforms and marketing solutions, and making it feasible to sell out of the Amazon marketplace.

One of Faire’s very popular filters to add in merchandise searches is the”not on Amazon,” said Rhodes.  He said the average merchant or brand on Faire’s platform has roughly $250,000 in annual earnings, but some are also growing big, fast.

Following its success in the U.S. market, Faire expanded into Europe three weeks ago and is seeing fast growth there, said Rhodes.

The funding round was led by Sequoia Capital, one of Silicon Valley’s leading venture capital companies. 

“We’re still in the single-digit online penetration for the wholesale market,” said Sequoia spouse Ravi Gupta. “We’re in the very early innings of what we think is a multi-decade-long trend towards digitization on some of these things.”

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