Quince raises US$500.0m in Series E, valuation tops US$10.1b

San Francisco-based consumer technology platform Quince has raised US$500.0m ($715.3m) in a Series E funding round. The raise values the manufacturer-to-consumer (M2C) ecommerce business at US$10.1b ($14.4b) post-money — more than double its US$4.5b ($6.4b) valuation at the Series D in early 2025.

Transaction snapshot

• Deal value: US$500.0m ($715.3m)

• Deal multiples: Post-money valuation of US$10.1b ($14.4b). The company surpassed US$1.0b ($1.4b) in revenue in 2025, implying a roughly 10x revenue multiple on the post-money valuation. Valuation more than doubled from US$4.5b ($6.4b) at the Series D in less than twelve months.

• Deal type: Series E equity funding round

• Investors: Led by ICONIQ Growth (repeat lead investor from Series D). Participating investors include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Baillie Gifford, Notable Capital and DST Global.

Quince was founded in 2018 by CEO Sid Gupta and launched out of beta in 2020. The company gained early traction through Instagram with a US$50 cashmere sweater and has since expanded across apparel, home, accessories, beauty and wellness. It recently entered the Canadian market and has flagged the UK and continental Europe as priority expansion targets.

The business operates a proprietary M2C model. It manufactures its own products and sells directly to consumers, cutting out intermediaries, excess inventory and traditional retail markups. The company claims its prices sit 70 to 80 per cent below comparable retail products. It owns most of its tech stack and uses AI-powered demand forecasting at the SKU and size level on a weekly basis, producing in small-batch test runs before scaling based on real demand.

The company has reported triple-digit year-over-year revenue growth every fiscal year since launch. One third-party source estimated 2024 revenue at approximately US$340.0m ($486.6m), suggesting the jump to over US$1.0b ($1.4b) in 2025 represents roughly 3x growth in one year.

ICONIQ general partner Yoonkee Sull said the firm was tripling down on its Quince position, citing the company's supply chain efficiency and brand equity as mutually reinforcing advantages. Chief commercial officer Matt Lippert noted plans to expand into new categories and international markets, but declined to comment on whether the raise could precede an IPO.

The round places Quince among a small group of private consumer companies valued at US$10.0b or above. The company has faced some legal headwinds, including design infringement lawsuits from Tapestry (Coach) and Williams-Sonoma, though a court ruled in Quince's favour in a separate case brought by Deckers.