JOOR Raises $25M to Accelerate Growth and Innovation; Expand in Payments and New Categories
Brightwood Capital and Tamarix Capital Partners Join Existing Investors in New Capital Raise
NEW YORK, Oct. 17, 2023 (GLOBE NEWSWIRE) -- JOOR, the world’s leading digital wholesale ecosystem, today announced that it has raised $25M in new funding led by Brightwood Capital and Tamarix Capital Partners. Existing investors Macquarie Capital, Battery Ventures, and Canaan Partners also participated. This additional raise will allow JOOR to deliver an increasingly enriched platform experience in service of its extensive global network of fashion brands and retailers. Alongside new data-led initiatives, the company also plans to enhance its JOOR Pay solution, as well as expand its footprint in categories such as footwear, sports and outdoors.
“JOOR has a proven track record of enabling growth for world class brands and retailers,” explained Kristin Savilia, CEO of JOOR. “Amidst a tough macroeconomic environment, we’re thrilled that our investors recognize the value that JOOR’s solution provides and share our vision of accelerating the platform’s growth through additional innovation and enhanced platform capabilities.”
Over the past decade, JOOR’s platform has evolved into the fashion industry’s most comprehensive wholesale management solution—enabling brands and buyers to connect, present collections, build assortments, place and manage orders, and process payments. By digitalizing the entire wholesale buying and selling process, JOOR allows brands and retailers to operate more efficiently and leverage data to optimize their business and inform decision making.
With more than 14,000 brands and 600,000 curated fashion buyers across 150 countries, the JOOR platform hosts the world’s leading wholesale marketplace in the Luxury, Contemporary, Accessories, Footwear and Lifestyle verticals, processing nearly $20 billion in wholesale transactions annually. JOOR’s exclusive partners range from established luxury fashion houses such as LVMH, Richemont and Tapestry, to leading brands such as Stella McCartney, Valentino, Kate Spade and Dr. Martens. Premier department stores and global digital retailers including Neiman Marcus, Shopbop, Printemps and Harrods conduct their buying exclusively through JOOR.
“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,” said Michael Novoseller, Strategic Partner at Brightwood Capital. “JOOR is truly transforming the wholesale ecosystem and is poised for continued growth as they modernize every element of the wholesale process. We are delighted to partner with them on this journey.”
“The world-class team at JOOR sparked our interest,” noted Mark Hauser, Managing Partner at Tamarix Capital Partners. “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.”
To learn more about JOOR, visit joor.com.
To learn more about Tamarix Capital Partners, visit tamarixcapital.com/credit.
To learn more about Brightwood Capital, visit brightwoodlp.com.
About JOOR
JOOR is the world’s leading wholesale management ecosystem, with nearly $20 billion in wholesale transactions processed annually. More than 14,000 brands and 600,000 curated fashion buyers across 150 countries connect on the platform. JOOR’s advanced technology provides an end-to-end wholesale solution for presenting collections, building assortments, placing and managing orders, and handling complex billing and payment via JOOR Pay, a revolutionary embedded checkout that simplifies and expedites the payment collections process. With a commitment to fueling the advancement of both brands and retailers, JOOR allows clients to discover new business partners and drive growth by supporting both in-person and virtual sales via a suite of dynamic tools as well as superior customer service. 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. JOOR has exclusive partnerships with 30+ leading global retailers using the JOOR Retail Partner platform including: Harrods, Neiman Marcus, Harvey Nichols, Printemps, Bergdorf Goodman, Shopbop, and Dover Street Market. JOOR is headquartered in New York City and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid, Berlin, Melbourne, Tokyo and Shanghai. For more information visit: JOOR.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05c78eae-a5ad-4b3e-849d-14e8fae11016.
JOOR Contact Information: Lindsey Huttrer, Joor@nectarpr.com