Joor, a digital business-to-business wholesale marketplace, has closed on $16 million in Series C funding led by Itochu, the Japanese manufacturing, technology and retail conglomerate, WWD has learned.
Joining Itochu in the funding round were existing Joor investors Canaan Partners and Battery Ventures.
With the latest round, Joor has raised $36 million and will use the funding to drive ongoing product innovation for brands and retailers and for expanding into Asia. Through the partnership with Itochu, Joor will be able to access Itochu’s brands and accelerate the entry of overseas brands into Japan.
In 2017, Joor, with the Neiman Marcus Group as the development partner, created the “Joor Retailer Platform,” which they said was the industry’s first mobile platform for wholesale buying and assortment planning. The software is designed to make the job of a buyer less laborious, more efficient, accurate and collaborative.
Yoshihiro Fukushima, executive officer of Itochu, said, “We recognize the importance of embedding technology into every step of the retail value exchange.”
Joor has 8,600 brands using its platform, including Balenciaga, Alexander McQueen, Saint Laurent, Marc Jacobs, Berluti, Chloé, Kate Spade, Michael Kors, Burberry, Stella McCartney, Free People and Balmain.
Joor also said it has almost 200,000 retailers from 144 countries using its platform, including Neiman Marcus, Bergdorf Goodman, Printemps, 24 Sèvres and Harrods.
“At Joor, our focus from Day One has been the simplification of the wholesale process for brands and retailers,” said Kristin Savilia, chief executive officer. “Our mission is to bring the industry together with one platform. The team at Itochu supports this mission and we are excited to have their expertise and support to enable Joor to expand into Asia.”
Joor is based in New York and has offices in Los Angeles, Philadelphia, Paris, London, Milan, Madrid and Melbourne.