Wholesale B2B fashion platform JOOR has raised $25m in new funding, in a round led by Brightwood Capital and Tamarix Capital Partners.
Existing investors Macquarie Capital, Battery Ventures, and Canaan Partners also participated.
The platform, which manages the entire B2B wholesale process for fashion brands including customisable virtual showrooms and payments, says the additional funds will allow the business to “deliver an increasingly enriched platform experience in service of its extensive global network of fashion brands and retailers.”
WHAT IS JOOR?
Founded in 2010, JOOR is headquartered in New York City and has grown to become the world’s largest wholesale platform and data exchange for fashion, luxury and home.
With more than 14,000 brands and 600,000 curated fashion buyers across 150 countries, the JOOR platform hosts the world’s largest wholesale marketplace in Luxury, Contemporary, Accessories, Footwear and Lifestyle, processing nearly $20 billion in wholesale transactions annually.
It works with luxury conglomerates including LVMH, Richemont, and Tapestry, as well as brands such as Valentino, Loewe, and Stella McCartney.
In addition to partnerships with 30+ leading global retailers using the JOOR Retail Partner platform including: Harrods, Neiman Marcus, Harvey Nichols, Printemps, Bergdorf Goodman, Shopbop, and Dover Street Market.
Alongside new data-led initiatives, the company plans to use the new funding to enhance its JOOR Pay solution, as well as expand its footprint in categories such as footwear, sports and outdoors.
“JOOR has a proven track record of enabling growth for world class brands and retailers,” explains Kristin Savilia, CEO of JOOR. “Amidst a tough macroeconomic environment, we’re thrilled that our investors recognise the value that JOOR’s solution provides and share our vision of accelerating the platform’s growth through additional innovation and enhanced platform capabilities,” he adds.
Over the past decade, JOOR’s platform has evolved into a comprehensive wholesale management solution for the global fashion industry—enabling brands and buyers to connect, present collections, build assortments, place and manage orders, and process payments.
By digitalising the entire wholesale buying and selling process, JOOR allows brands and retailers to operate more efficiently and leverage data to optimise their business and inform decision making.
With a commitment to fuelling the advancement of both brands and retailers, JOOR says it allows clients to discover new business partners and drive growth by supporting both in-person and virtual sales via a suite of dynamic tools as well as superior customer service.
“We continue to be impressed by the scale of business being transacted on JOOR, combined with their global footprint among the world’s most influential brands and retailers,” says Michael Novoseller, strategic partner at Brightwood Capital.
“JOOR is truly transforming the wholesale ecosystem and is poised for continued growth as they modernise every element of the wholesale process. We are delighted to partner with them on this journey,” he adds.
“The world-class team at JOOR sparked our interest,” notes Mark Hauser, managing partner at Tamarix Capital Partners. “They bring together a unique blend of industry knowledge with cutting-edge technological capability and, while others in this climate have pulled back, they have strategically invested in developing industry-leading solutions that strongly position the company for success,” he says.
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