NEW YORK — Joor, the online wholesale fashion marketplace, said Thursday it raised $15 million in Series B funding.
This story first appeared in the July 26, 2013 issue of WWD. Subscribe Today.
The round was led by Canaan Partners, with contributions from Advance Publications, parent company of Condé Nast and its Fairchild Fashion Media division, as well as existing investors Battery Ventures, Forerunner Partners and Lerer Ventures. Through its Web site at jooraccess.com, an iPad app and a soon-to-be-launched iPhone app, Joor’s goal is to streamline — and digitize — the buying process, enabling a seamless connection between brand and retailer.
“This investment enhances FFM’s ever-growing portfolio of services offered to the fashion community, specifically in relation to connecting brands with retailers and buyers,” said Gina Sanders, president and chief executive officer of Fairchild, which includes WWD and Style.com. “This exemplifies Style.com’s intensifying interest in commerce solutions for the industry and consumers.”
Joor offers data and real-time analytics to both buyer and seller and eliminates paperwork and manual data entry.
The company connects 40,000 retailers — from Barneys New York to Lane Crawford to Net-a-porter — with more than 600 designers. Brands like Rag & Bone, 3.1 Phillip Lim and See by Chloé upload line sheets, and buyers conduct the entire buying process from the Joor platform.
“We want to expand our sales offices around the world,” said Mona Bijoor, Joor ceo. “Currently, we have offices in New York, Los Angeles and Milan, but we really should have offices in Paris, London, Tokyo and we need to start thinking about China.”
Bijoor said the product and technology team has 15 staffers now and would be doubled.
Joor launched in March 2010 and raised its Series A funding of $5.5 million in July 2011.