Quince, a consumer tech start-up that aims to 'rebuild retail', has raised $500 million in a Series E financing led by ICONIQ, valuing the company at $10.1 billion.
The company, in an announcement, said the funds will support the growth and global expansion of its Manufacturer-to-Consumer (M2C) operating system. It positions its M2C platform as an end-to-end alternative to traditional retail, combining direct factory partnerships with artificial intelligence–driven demand forecasting and real-time production planning to reduce waste and compress supply chains.
Quince began by proving the model in material-led categories such as cashmere, then scaled through repeat purchasing and supply-chain innovations.
The company says it now serves millions of customers, and last year surpassed $1 billion in top-line revenue - after delivering 'triple-digit' percentage growth year-over-year. Its tech-enabled systems include weekly SKU- and size-level forecasting, small-batch test orders, factory integrations, and materials verification, which Quince says moves inventory planning from quarters to weeks.
"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.
"When those inefficiencies come out of the system, people experience the benefits through more consistent quality and more accessible pricing. Over time that creates trust, and increasingly customers come to Quince first when they're looking for something because they know what they're going to get."
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Yoonkee Sull, General Partner at ICONIQ, meanwhile, commented: "Quince has built hyperefficient infrastructure that enables it to deliver unmatched value to consumers at scale and, in turn, has built a brand people love."
The round includes participation from Basis Set Ventures, Wellington Management, Wndrco, Marcy Venture Partners, Baillie Gifford, Notable Capital and DST Global.
The recap
Raised $500 million in Series E financing led by ICONIQ
Company now valued at $10.1 billion post-money, per announcement
Proceeds will fund continued growth and global expansion