Categories
Fashion Platform JOOR Raises $46 Million Led By Macquarie Capital

Fashion Platform JOOR Raises $46 Million Led By Macquarie Capital

June 15, 2021 at 03:35PM
by PYMNTS

Wholesale fashion platform JOOR has notched $46 million in a Series D funding round led by Macquarie Capital Principal  Finance, with participation from previous backers ITOCHU Corporation, Battery Ventures and Canaan Partners. 

“JOOR’s singular mission is to digitally enable and transform our industry,” JOOR CEO Kristin Savilia said in a press release on Tuesday (June 15). She added that the new infusion of capital will be used for the advancement of new technologies and solutions for “our broad global network of brands and retailers.”

This capital raise is also intended to help power JOOR’s investment in platform innovation, payments and financing, and for continued global and vertical expansion, according to the release.  

The New York startup, which was founded about 10 years ago, has experienced a 228 percent growth in new users in just the past year. The company works with more than 12,500 brands and 325,000 curated merchants in the wholesale luxury, accessories, lifestyle and home sectors. JOOR processes over $1.5 billion in transactions every month, per the press release. 

“We continue to be impressed by the capabilities of JOOR’s technology platform coupled with its industry-leading network of brands and retailers,” said Macquarie Managing Director Anand Subramanian, who is joining JOOR’s board of directors. Subramanian added that the company anticipates “significant growth for JOOR” as they advance payments and financing alternatives to a wider global base.

JOOR CEO Savilia said in a May PYMNTS interview that the COVID-19 pandemic prompted the launch of the JOOR Passport, which enabled brands to develop online events. Last year, JOOR hosted 17 shows; in a six-month time period, there were some 15,000 retail shopping events in 130 countries.

In a PYMNTS interview in November 2020, Savilia said the worldwide pandemic had accelerated the need for cross-border B2B payments. JOOR facilitates wholesale online shopping and digital payments in 144 countries.