Faire – Startup Story | Founder| CEO | Funding | History | Competitors


Faire
Faire
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Introduction:

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_image source : https://www.faire.com/

Faire Wholesale, Inc. does business as an internet retailer. The business offers goods in the food and beverage, jewellery, cooking, pet, clothing, and home décor categories. Customers in the United States are catered to by Faire Wholesale. Faire is an online wholesale platform that links small businesses, independent brands, and retailers.

The business has offices throughout the world, including Kitchener-Waterloo, Ontario; Amsterdam; London; So Paulo; and Salt Lake City. The company’s headquarters are in San Francisco. Max Rhodes, Daniele Perito, Marcelo Cortes, Jeffrey Kolovson, and Lauren Cooks Levitan established Faire in 2017. The business was valued at $1 billion in 2019 after obtaining Series D round investment.

About:

Over 2 million independent shops generate more than $2 trillion in annual sales in North America and Europe, according to Faire, an online wholesale platform founded on this tenet. At Faire, we’re bringing together this dynamic global network of entrepreneurs by using the power of technology, data, and machine intelligence. Imagine your favourite local boutique receiving our assistance in finding the top goods from across the globe to offer in their establishments. We think we can level the playing field so that small companies worldwide can compete with these large box and ecommerce giants with the correct tools and data.

With Faire’s B2B platform, independent and local shops may engage with brands without having to attend several trade events. Retailers may use the site to research brands, buy items online, obtain free returns on new purchases, and acquire working capital financing. With Faire, companies can manage their client bases, attract new consumers, and lower the risk of non-payment. With shops in more than 15,000 locations and about 300,000 retailers that purchase wholesale items on Faire, at least 40,000 brands are supported by Faire.

Business owners may assist local retail using Faire’s arsenal of technology, data insights, financial terms, and logistical solutions. To assist take the danger out of the wholesale market and provide small businesses and independent brands a greater chance to compete with big-box and e-commerce enterprises, Faire gives merchants working with them free returns and Net 60 payment terms. To source and manage their inventory as effectively as possible, Faire forecasts which goods will be popular using artificial intelligence and predictive analytics.

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Website : https://www.faire.com/

Founder & Team:

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_image source : www.linkedin.com

The company’s founder and CEO is Max Rhodes. It was established in 2017 in Kitchener, Ontario, Canada, and San Francisco, California, in the United States.

History:

  • On November 16, 2021, Faire secures a $400,000,000 series G round from investors including Y Combinator, D1 Capital Partners, Dragoneer Investment Group, Durable Capital Partners, Golden Ventures, Khosla Ventures, Lightspeed Venture Partners, and Norwest Venture Partners.
  • online wholesale market on June 11, 2021 After funding $260 million, Faire was valued at $7 billion.
  • D1 Capital Partners, DST Global, Dragoneer Investment Group, Forerunner Ventures, Founders Fund, Khosla Ventures, Lightspeed Venture Partners, Sequoia Capital, Wellington Management, and Y Combinator raise $260,000,000 in a series F round of funding for Faire on June 10, 2021.
  • After a Sequoia-led round, the October 27, 2020 Wholesale Marketplace Faire is valued at $2.5 billion.
  • Founders Fund, D1 Capital Partners, DST Global, Dragoneer Investment Group, Forerunner Ventures, Khosla Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Sequoia Capital, and Y Combinator raise $170,000,000 in a series E round of funding for Faire on October 27, 2020.
  • On October 30, 2019, Forerunner Ventures, Founders Fund, Golden Ventures, Khosla Ventures, Lightspeed Venture Partners, Y Combinator, and YC Continuity fund a $150,000,000 series D investment for Faire.
  • On December 12th, 2018, DST, Forerunner Ventures, Founders Fund, Khosla Ventures, Lightspeed Venture Partners, Sequoia Capital, and Y Combinator raised $60,000,000 in a series C investment for Faire.
  • On September 12, 2018, DST Global led a $40,000,000 series B round of funding for Faire.
  • Faire secures a $12,000,000 series A investment from Sequoia Capital on February 22, 2018.
  • On March 22, 2017, Forerunner Ventures contributed $3,400,000 to Faire’s seed round.

Name & Logo:

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Faire Highlight:

Company NameFaire
FoundersMax Rhodes
Started at2017
CompetitorsLeafLink Inc, AmericasMart, Jane, Joor
Websitehttps://www.faire.com/
Revenue$518 M
CountryCanada
Customer care Email
Customer care Contact details
Company Valuation$400 M
Industrye-commerce
HeadquartersSan Francisco, California, United States, and Kitchener, Ontario, Canada.

Revenue:

Revenue for Faire is $518 Million. Currently, Faire’s anticipated yearly income is $216.8M. $132,357 is what Faire’s expected revenue per employee is. The overall financing for Faire is $1.7B.

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Funding & Investors:

Following a $400 million fundraising round, online marketplace Faire Wholesale Inc. reported a $12.4 billion valuation. In a statement that reaffirmed an earlier Bloomberg News storey on its financial intentions, the business stated that Durable Capital Partners, D1 Capital Partners, and Dragoneer Investment Group were responsible for the investment. 19 investors are funding Faire. The most recent investors include Y Combinator and Sequoia Capital.

Business Model:

A viral loop is used in Faire’s business strategy. This is accomplished by brands promoting their merchants to Faire because they gain from utilising the platform, and retailers gain from joining since they have access to free returns, Net 60 payment terms, and cheaper shipping costs. This phenomenon, known as a viral loop, can cause Faire to develop rapidly on both the supply and demand sides. The more people who sign up for Faire, the more value the marketplace provides to both stores and brands. With the marketplace’s front page boasting over 300,000 shops and 40,000 brands, this provides retailers more brands to select from and gives companies more retailers to sell from.

Exploration of Faire's viral loop.

Services Offered thru Faire:

In its online shop, the business offers handpicked handcrafted goods such as clothing, jewellery, kitchenware, cosmetics, and home accessories. One of the most used criteria for product searches, according to co-founder and CEO Max Rhodes, is the “not on Amazon” category. This category gives shops the opportunity to identify goods and companies that aren’t offered on Amazon’s e-commerce platform. In 2020, women’s clothing and accessories, beauty and wellness products, and home décor were other hot product categories. The COVID-19 regulations regulating mask wear in workplaces played a factor in this; in 2020, the cotton face mask ranked first in searches.

Faire Wholesale Apple App Store
_image source : entrepreneur-360.com

Retailers may search for products that are handcrafted, ecologically friendly, or not available on Amazon using the company’s platform. Faire has started extending its payment terms to businesses who had acquired products during the COVID-19 lockdowns in 2020. In this time, Faire also started selling in-demand goods including masks, cleaning supplies, and food items and hosted an online trade fair to provide shops with access to reduced stock.

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The company’s Net 60 conditions, for which every merchant is automatically accepted, are a component of Faire’s platform. According to the rules, orders placed through Faire won’t be charged to the store until 60 days have passed since the order, giving them time to sell the items before having to make a payment. This is meant to make it easier for shops to keep onto their cash so they can pay bills like rent or wages while introducing new goods.

Awards & Recognition:

There is no data of it.

Competitors:

Faire top competitors include: LeafLink Inc, AmericasMart, Jane, Joor.

Latest News:

  • Faire is introduced to Quebec retailers.
  • Prior to Faire Fashion Week, Faire partners with WGSN to reveal consumer apparel trends.
  • The cross-functional team at Faire’s New York City office has expanded.
  • Over 1 million orders are processed through Faire for food and beverage brands.
  • Faire has been ranked among LinkedIn’s top startups for 2022.

Future Plans:

Faire has roughly 700 workers and plans to increase that number by 2022, with a particular emphasis on hiring individuals in Europe. Twenty employees are expected to be working in the accounting and finance department at the end of this year, and the firm wants to add another 20 employees in 2019.

Some FAQs:

Is Faire a legitimate company?

Many company owners worry about the legitimacy of wholesale platforms when evaluating their feasibility. Fortunately, there shouldn’t be any concerns in the case of Faire. Tens of thousands of brands utilise the internet wholesaler, which has received several favourable evaluations on a number of different platforms.

How old is faire?

The greatest option would be Faire, an online wholesale marketplace established in 2017 to assist independent shops compete with Amazon and Walmart. According to Business Insider, the business just received $400m at a $12.4B value.

Who is the founder of Faire?

Max Rhodes.

Who invested in Faire?

Faire is funded by 19 investors. Sequoia Capital and Y Combinator are the most recent investors.

Conclusion:

Owner of an online wholesale platform for merchants to lessen the burden of inventory risk. In order to source and manage inventory as effectively as possible, the company’s marketplace uses artificial intelligence and predictive analytics to forecast which products will fly off its virtual shelves. This allows retailers to aggregate products from a number of wholesalers and distributors and decrease the time and money they spend on finding products to sell.


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