Quince raises $500 million at $10.1 billion valuation

March 11 (Reuters) - Online ‌retailer Quince ​said ​on Wednesday it has raised $500 million in a Series E funding ‌round at a post-money valuation of $10.1 ⁠billion, signaling strong investor appetite for tech-enabled retail ‌platforms benefitting from resilient ‌spending by wealthy shoppers.

The funding was led by ICONIQ Capital, with participation from Basis ​Set Ventures and Wellington Management among other backers, the company said in ⁠a statement.

The San Francisco, California-based online platform sells a range ​of products including apparel, jewelry and home goods, working directly with manufacturers ​to make and ship ‌items to customers without traditional retail distribution layers.

Quince says its tech ⁠platform allows it to forecast demand using artificial intelligence and produce goods in smaller batches ⁠to limit excess inventory. The company's total revenue ​surpassed $1 billion in 2025.

The raised funds will be used to support the global expansion of its "manufacturer-to-consumer" operating ‌system, Quince said.

Last year, the company was sued by home furnishings retailer ‌Williams-Sonoma, which accused Quince of selling ⁠inferior, cheaper items ‌that looked similar ​to its own products.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Jonathan ‌Ananda)

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