JOOR • JUN 15 2021
JOOR Raises $46M To Accelerate Leading Wholesale Commerce Capabilities And Fuel Its Global Expansion
New York, June 15, 2021 – JOOR, the world’s leading digital wholesale platform for Luxury, Fashion and Home, today announced that it has raised $46M in Series D funding led by Macquarie Capital Principal Finance. Previous investors ITOCHU Corporation, Battery Ventures and Canaan Partners also participated. This capital raise will fuel the company’s investment in platform innovation, payments and financing, as well as support continued global and vertical expansion. JOOR also announced that Anand Subramanian, Managing Director at Macquarie Capital Principal Finance, will join its Board of Directors.
"JOOR's singular mission is to digitally enable and transform our industry," explained Kristin Savilia, CEO of JOOR. "We are pleased to have such great partners to support us in this mission as we embark on our next stage of growth. This new capital enables us to accelerate innovation as an independent company and to continue to provide industry leading solutions in service of our broad global network of brands and retailers."
JOOR’s platform has evolved over the last decade into the industry’s most comprehensive solution for digital wholesale management, growing new business 228% in the last 12 months. Through innovative technology, including best-in-class virtual showrooms and robust mobile in-market tools, JOOR facilitates the wholesale buying and selling process, including discovery, connection, collaboration, transaction, and payment.
With over 12,500 brands and 325,000 curated retailers, the JOOR platform hosts the world’s leading wholesale marketplace in the Luxury, Accessories, Footwear, Lifestyle and Home verticals, processing over $1.5 billion in wholesale transactions each month. JOOR’s exclusive partners range from established luxury fashion houses such as LVMH, Kering, Richemont and Capri, to leading brands such as Stella McCartney, Valentino, Kate Spade and Dr. Martens. Premier department stores including Neiman Marcus, Printemps and Harrods as well as global digital retailers such as Shopbop and Revolve conduct their buying exclusively through JOOR.
“We continue to be impressed by the capabilities of JOOR’s technology platform coupled with its industry leading network of brands and retailers,” explained Anand Subramanian, Managing Director at Macquarie Capital Principal Finance. “This investment reflects belief in JOOR’s talented team, and we see significant growth for JOOR as they expand their platform to offer payments and financing alternatives to their global client base. We look forward to leveraging our expertise to support the company’s long-term success.”
Building on the company’s leadership position in North America and Europe, JOOR recently announced its Asian expansion, as the first B2B wholesale platform to launch operations serving brands and retailers in mainland China. This new foothold in China, in addition to its existing presence in Japan and Australia, positions the company solidly for successful growth in the Asia-Pacific region.
To learn more about JOOR, visit joor.com.
Source link: https://www.joor.com/press-releases/joor-raises-46m-to-accelerate-leading-wholesale-commerce-capabilities