The digital fashion wholesale platform Joor, has raised 46 million US dollars in Series D funding led by Macquarie Capital Principal Finance.
The wholesale platform includes more than 12,500 brands in 144 countries covering luxury, fashion, accessories, footwear, lifestyle, and home. It also has 325,000 curated retailers that process the service for more than 1.5 billion US dollars per month.
Joor said the capital would accelerate its wholesale trade capacity, and financing, as well as further, expand its continued global and vertical expansion.
At the same time, earlier this month the company announced its expansion into Asia with a new Shanghai, China office, joining Melbourne and Tokyo, representing the third office in the Asia-Pacific region.
Joor reported that the wholesale volume offered by APAC-based retailers increased by 139 percent year-on-year and the wholesale volume for APAC-based brands increased by 419 percent per annum.
Kristin Savilia, chief executive of Joor said, “Joor’s singular mission is to digitally enable and transform our industry. We are pleased to have such great partners to support us in this mission as we engage in 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,” he added.
In addition to McCurry’s capital core finance, previous investors Itochu Corporation, Battery Ventures, and Canaan Partners also participated in the Series D funding round.
According to the agreement, Joor has confirmed that Anand Subramanian, managing director of McCurry Capital Principal Finance, will join its board of directors.
Meanwhile, Subramaniam said, “We continue to be fascinated by the capabilities of technology platforms that connect brands and retailers with industry-leading networks. This investment reflects the confidence of the talented team across the board and we are seeing significant growth for the Joor as we expand their platform to pay for their global client base and offer alternative funding options. We look forward to using our expertise to support the company’s long-term success.”
At the same time, Joor’s platform has evolved into a comprehensive solution for digital retail wholesale management over the past decade, with new businesses growing 228 percent over the past 12 months.
The platform has exclusive partnerships with established luxury fashion houses including LVMH, Kering, Richemont, and Capri, which include Stella McCartney, Valentino, Kate Spad, and Dr.Martens.
The Joor is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo, and Shanghai.
Department stores including leading brands like Martens, Neiman Marcus, Printemps, and Harrods are global digital retailers like Ssense, ShopBop, and Revolve that manage their purchases exclusively through Joor.