The problem
Independent shops struggle to discover brands and buy wholesale on workable terms
What they do
Online wholesale marketplace connecting independent retailers with brands, net-60 terms
Traction Revenue annualizing above $500M; ~800K retailers
Hiring trend
- Open roles
- 72
- Ops roles
- 4
- Headcount
- ~1,500
~1,500 staff; 81 open roles
Hiring in
- San Francisco
- New York
- Toronto
- Remote (US)
- Remote (Canada)
Funding
- Last round
- ~$100M employee tender
- Stage
- Late-stage private
- Date
- Nov 2025
Led by WCM Investment Management
- Hiring+272 open roles on the live job board (30+ roles = +2)
- Funding recency0Latest money (~$100M employee tender, Nov 2025) isn't a new primary round, so it doesn't count
- Traction+0.75Some growth: Revenue annualizing above $500M; ~800K retailers
- Red flags−11 significant flag in the last 24 months, −1 eachValuation reset to $5.2B (Nov 2025) from $12.4-12.6B peak, ~59% downBloomberg, Nov 2025 ↗ · Sacra Faire report ↗
- Total1.752 + 0 + 0.75 − 1 = 1.75 → Steady (1.5–3.49)
Distance (Marathon) is a separate read on how long the lead can last. It doesn't change the score.
Distance
Marathon · edge: grows with users
Largest online wholesale marketplace: 800K retailers and $500M+ revenue run rate, despite a lower valuation.
Sources: Sacra: Faire revenue, NDR, ads ↗
Watch-outs
Valuation reset to $5.2B (Nov 2025) from $12.4-12.6B peak, ~59% down
Sources: Bloomberg, Nov 2025 ↗ · Sacra Faire report ↗
Last checked Oct 25, 2026