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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