Quince raises $500 million, valuing at $10.1 billion, expanding direct-to-consumer platform

Investing.com – Quince, a consumer technology platform focused on direct-to-consumer sales by manufacturers, announced on Wednesday that it has completed a $500 million Series E funding round led by ICONIQ, valuing the company at $10.1 billion.

Participants in this round include Basis Set Ventures, Wellington Management, WndrCo, Marcy Venture Partners, Ballie Gifford, Notable Capital, and DST Global. The funds will be used to support the continued growth and global expansion of Quince’s direct-to-consumer manufacturing operations system.

The company works directly with manufacturers, bypassing traditional retail middlemen, and surpassed $1 billion in revenue last year. Since its launch, Quince has achieved triple-digit annual growth.

Quince Chief Business Officer Matt Lippert said, “We focus on tangible and measurable categories to break this assumption. Our model is simple: design a different system to eliminate the waste consumers have been paying for in traditional retail.”

Initially, Quince tested its model in material-focused categories like cashmere, where quality standards can be measured. Since then, the company has expanded into multiple product categories, serving millions of customers.

The platform predicts demand weekly at the product and size levels, using small batch test orders before scaling production. This approach contrasts with traditional retailers, who typically forecast demand months in advance and place bulk orders before products reach stores.

Through factory integration, material verification systems, and real-time production planning, Quince maintains inventory targets on a weekly rather than quarterly basis. The company aims to reduce excess inventory and shorten supply chains by bringing manufacturers closer to customers.

ICONIQ General Partner Yoonkee Sull said, “By redesigning the manufacturing and delivery of high-quality products, compressing traditional retail cycle times, reducing waste, and building deep insights into customer real-time demand, the company is addressing long-standing structural inefficiencies that have defined the retail economy.”

With this latest funding round, Quince joins the ranks of private consumer goods companies valued at $10 billion or more. The company plans to leverage its operations system to enhance forecasting, production efficiency, and category expansion, driving global business growth.

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