Total amount raised
$261.5 Millions
Latest funding date
Location
Quince has successfully raised significant funding over multiple rounds, with its latest being a Series C. The company is known for its affordable luxury brand, offering high-quality fashion and home goods directly from the factory to consumers.
Keep reading to explore the intricacies of Quince's fundraising journey and the investors backing this innovative platform.
What Is Quince?
Quince, founded on August 1, 2018, by Sid Gupta, is an affordable luxury brand based in San Francisco, California. The company specializes in high-quality fashion and home goods, utilizing a manufacturer-to-consumer (M2C) retail model to offer products at low prices.
With a workforce of 251-500 employees, Quince focuses on sustainability and ethical practices, ensuring minimal environmental impact. Their product range includes clothing for men, women, and kids, as well as home essentials and travel items.
By shipping products directly from factories to consumers, Quince minimizes financial and environmental waste, making luxury accessible to a broader audience.
How Much Funding Has Quince Raised?
- Seed Round
- Amount Raised: $3.5M
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the platform and establish the business model.
- Seed Round
- Amount Raised: $5M
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand the team.
- Seed Round
- Amount Raised: $6M
- Date: January 2021
- Lead Investors: 8VC, Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the supply chain.
- Series A
- Amount Raised: $50M
- Date: November 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and improve customer experience.
- Series B
- Amount Raised: $77M
- Date: May 2023
- Lead Investors: Wellington Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and support the mission to disrupt the retail industry.
- Series C
- Amount Raised: $120M
- Date: January 2024
- Lead Investors: Notable Capital, Wellington Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and enhance technological capabilities.
Quince has raised a total of $261.5M. The current valuation is not publicly disclosed.
Key Investors
- Wellington Management
- Details: Wellington Management is a private, independent investment management company. It serves institutional clients and manages a diverse range of assets.
- Investment Focus Areas: Institutional clients, diverse asset management, global equities.
- Notable Investments: Airbnb, SpaceX, Robinhood.
- Insight Partners
- Details: Insight Partners is a leading global venture capital and private equity firm. It focuses on growth-stage technology and software companies.
- Investment Focus Areas: Technology, software, growth-stage companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- 8VC
- Details: 8VC is a venture capital firm based in San Francisco. It invests in technology and life sciences companies.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Palantir, Wish, Guardant Health.
- GGV Capital
- Details: GGV Capital is a global venture capital firm. It invests in early and growth-stage companies in the consumer, internet, and enterprise sectors.
- Investment Focus Areas: Consumer, internet, enterprise.
- Notable Investments: Alibaba, Slack, Square.
- Notable Capital
- Details: Notable Capital is a venture capital firm. It focuses on investing in innovative startups and growth-stage companies.
- Investment Focus Areas: Technology, consumer goods, healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for Quince?
Quince stands at the cusp of significant growth opportunities. With the recent influx of $77 million in Series B funding, the company is poised to expand its supply chain, diversify product offerings, and enhance customer experience. The direct-to-consumer model, which eliminates middlemen, aligns perfectly with current industry trends emphasizing sustainability and affordability.
Future fundraising seems likely as Quince continues to disrupt the retail industry. The company's innovative approach and strong investor backing suggest potential for additional rounds to support its ambitious expansion plans. However, challenges such as managing a scalable supply chain and maintaining product quality while competing with established luxury brands remain critical hurdles.
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