Quince hits $10B valuation with giant $500M round led by Iconiq

In a oversea of monolithic valuations for early-stage AI startups, contiguous we person a spot of uncommon news: a jumbo circular and valuation measurement up for an e-commerce company. Quince announced connected Wednesday that it raised a $500 cardinal Series E circular astatine a $10.1 cardinal valuation.

The circular was led by erstwhile capitalist Iconiq, which besides led Quince’s $200 cardinal Series D successful aboriginal 2025 astatine a reported $4.5 cardinal valuation. That’s much than treble the valuation successful little than a year.

Quince roseate to fame connected Instagram with its $50 cashmere sweater, but has since amassed a wider scope of merchandise offerings including apparel, home, accessories, beauty, and wellness. Unlike emblematic e-commerce retail sites, the institution manufactures its products and sells them to consumers directly.

Quince, which launched retired of beta successful 2020, calls its concern exemplary “manufacturer-to-consumer.” And due to the fact that it owns astir of its ain tech stack and controls its designs and manufacturing, Quince tin much accurately foretell its sales, according to a blog post by Iconiq. This allows smaller batch manufacturing with little waste.

Quince and its investors reason that, dissimilar accelerated fashion, Quince tin nutrient higher prime products astatine debased costs.

Not that the institution has been without controversy. It has faced respective lawsuits from brands alleging Quince is selling dupes of their designs. Coach genitor Tapestry is suing, arsenic is Williams Sonoma, Puck reported. Deckers besides sued implicit footwear designs, but a tribunal ruled successful Quince’s favor.

If specified scuffles person fixed Quince a copycat reputation, arsenic Puck describes, the site’s customers are seemingly unphased. The institution says that its top-line gross has present surpassed $1 billion. In January, it besides expanded to Canada.

Other participating investors see Basis Set Ventures, Wellington Management, Wndrco, MarcyPen Capital Partners, Ballie Gifford, Notable Capital, and DST Global.