Quince has raised $500 million in Series E funding at a $10.1 billion valuation, a late stage bet on its manufacturer to consumer platform as a structural alternative to traditional retail.
The round, led by ICONIQ with participation from firms including Basis Set Ventures , Wellington Management , WndrCo , Marcy Venture Partners, Baillie Gifford, Notable Capital, and DST Global , pushes the company into the small cohort of private consumer businesses valued above $10 billion . Funding and growth snapshot The
Series E will fund continued growth and global expansion of Quince’s proprietary Manufacturer to Consumer (M2C) operating system, which connects specialist factories directly to shoppers and strips out most wholesale and retail intermediaries.
The company says it surpassed $1 billion in revenue last year and has delivered triple digit year over year growth every year since launch, helped by expansion from initial categories like cashmere into apparel, home, travel, and accessories "For decades, consumers have been conditioned to equate higher prices with higher quality," said Matt Lippert, Chief Commercial Officer at Quince .
"We play in categories where quality is tangible and measurable to disprove that assumption. The model is simple: design a different system that eliminates the waste consumers have traditionally paid for in retail.
That starts with real care around quality, from the materials we source all the way through how products are made, while removing excess production, unnecessary intermediaries, and inventory risk…
