Faire

Founded in 2017, the American online platform Faire allows small business owners and independent brands to buy and sell handicrafts in bulk on the Internet.

History

2021: Attracting $7 billion of investments, including from DST Global

In mid-June 2021, the Faire handicrafts marketplace raised $260 million, the company's valuation grew to $7 billion. The investment round was led by the venture capital company Sequoia Capital, and the fund of Yuri MilneradST Global also invested in Faire.

According to Faire CEO and co-founder Max Rhodes, Faire helps small retailers communicate with small brands, helping them compete with retail giants such as Amazon or Walmart. He founded the company when he encountered difficulties in finding sales channels for a high-end New Zealand umbrella brand that he tried to sell in the United States.

Yuri Milner Foundation invested in Faire craft marketplace

We flew around the country, went to exhibitions. We corresponded with retailers via email. E-mail has been the pinnacle of technological innovation in this business for us, Rhodes said.

One of the most popular Faire filters added when searching for goods is the "not on Amazon" filter, Rhodes said.

He also said the average retailer or brand on the Faire platform has annual sales of about $250 000. After success in the US market, Faire began operations in Europe in the spring of 2021, and there is rapid growth, Rhodes said.

For retailers making wholesale purchases, Faire has clear financial terms and logistics, such as free returns and a net 60 percent rate, which were previously only available to large retail chains. For brands, the Faire platform provides powerful sales, marketing and analytics tools, so sellers can simplify their wholesale business and focus on what they like: creating great products.

The Faire team has linked more than 200,000 local retailers to thousands of new and established brands, improving the business every day.^[1]

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