Wholesale platform Joor has raised 25 million US dollars to accelerate growth and innovation, as well as drive its ambitions to expand into sports, footwear and outdoor categories and enhance its payment solution.
The investment round was led by Brightwood Capital and Tamarix Capital Partners, alongside support from existing investors Macquarie Capital, Battery Ventures and Canaan Partners.
Kristin Savilia, chief executive of Joor, said in a statement: “Joor has a proven track record of enabling growth for world class brands and retailers. Amidst a tough macroeconomic environment, we’re thrilled that our investors recognise the value that Joor’s solution provides and share our vision of accelerating the platform’s growth through additional innovation and enhanced platform capabilities.”
The additional capital will allow Joor to deliver “an increasingly enriched platform experience in service of its extensive global network of fashion brands and retailers,” explained the platform, which processes nearly 20 billion US dollars in wholesale transactions annually.
The new funds will also accelerate the company's development and investment in innovation, from data-led initiatives to enhancing its Joor Pay solution, and support its expansion into categories such as footwear, sports and outdoors.
Joor to expand to sports, footwear and outdoor categories
Over the past decade, Joor’s platform has evolved into a comprehensive wholesale management solution for the fashion industry, enabling brands and buyers to connect, present collections, build assortments, place and manage orders, and process payments.
By digitalising the entire wholesale buying and selling process, Joor states that brands and retailers can “operate more efficiently” and leverage data to optimise their business and inform decision-making.
The company currently features more than 14,000 brands and has 600,000 fashion buyers accessing the platform from 150 countries. Joor is the exclusive platform for leading luxury conglomerates, including LVMH, Richemont, and Tapestry, as well as brands such as Valentino, Loewe, and Stella McCartney. While luxury department stores and retailers Harrods, Neiman Marcus, Printemps, Bergdorf Goodman, Shopbop, and Dover Street Market use the Joor Retail Partner platform.
Commenting on the investment, Michael Novoseller, strategic partner at Brightwood Capital, said: “We continue to be impressed by the scale of business being transacted on Joor, combined with their global footprint among the world’s most influential brands and retailers.
“Joor is truly transforming the wholesale ecosystem and is poised for continued growth as they modernise every element of the wholesale process. We are delighted to partner with them on this journey.”
Mark Hauser, managing partner at Tamarix Capital Partners, added: “The world-class team at Joor sparked our interest. They bring together a unique blend of industry knowledge with cutting-edge technological capability and, while others in this climate have pulled back, they have strategically invested in developing industry-leading solutions that strongly position the company for success.”