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JOOR to use freshly secured USD 46 million to expand its service reach

Author : Pankaj Singh | Published Date : 2021-06-16 

JOOR, a prominent New York-based digital wholesale platform, has reportedly secured USD 46 million in a Series D funding round led by Macquarie Group Limited, an Australia-based multinational financial services company.

The round also saw participation from previous investors such as Canaan Partners, Itochu Corporation, and Battery Ventures. The fresh funds will be utilized in improving JOOR’s payments & financing, innovation, and global expansion.

For the record, JOOR is a renowned wholesale marketplace comprising of around 325,000 retailers and 12,500 brands. It was founded in New York in 2010 and boasts partnerships with leading well-established brands like Kate Spade, Stella McCartney, Valentino, and Dr. Martens.

Luxury fashion houses such as Capri, Kering, LVMH, and Richemont, some premier department stores, and global digital retailers such as Revolve also have exclusive buying partnerships with JOOR.

JOOR claims to be processing wholesale transactions worth USD 1.5 billion per month. Moreover, due to its state-of-the-art virtual showrooms and innovative technology, the company states to have witnessed 228% growth in business in 2020.

The American online wholesaler is also known to assist businesses in the wholesale buying and selling process including transaction, discovery, collaboration, connection, and payment.

CEO of JOOR Kristin Savilia reportedly said that the company’s primary focus is on digitalization and transformation of the industry. She further added that the fresh funds will allow them to expedite innovation and provide industry-leading solutions to brands and retailers globally.

Managing Director of Macquarie Group Anand Subramanian was quoted saying that JOOR aims to offer financial and payment alternatives to its clients worldwide using this capital, which could potentially help in emerging as a prominent entity. 

JOOR also announced that it will expand its operations to target customers in China. The platform already has a solid presence in Australia and Japan.

Source Credits –

https://www.globenewswire.com/news-release/2021/06/15/2246929/0/en/JOOR-Raises-46M-to-Accelerate-Leading-Wholesale-Commerce-Capabilities-and-Fuel-Its-Global-Expansion.html

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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