Quince Raises $500M Series E at $10.1B Valuation, More Than Doubles Worth in Under a Year

✴︎

3.12.2026

Quick Facts

Quince raised $500 million in Series E funding at a $10.1 billion valuation, more than doubling from $4.5 billion in early 2025
The company surpassed $1 billion in annual revenue with triple-digit year-over-year growth since launch
Funding will support global expansion beyond apparel into home goods, accessories, and international markets in EU and Asia

Quince closed a $500 million Series E funding round at a $10.1 billion valuation, the direct-to-consumer brand announced Wednesday. The valuation more than doubles the company’s $4.5 billion worth from its $200 million Series D round in early 2025.

Iconiq Growth led both rounds. Other investors include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Baillie Gifford, Notable Capital, and DST Global.

The funding comes as Quince’s revenue surpassed $1 billion annually. The company reported $340 million in revenue for 2024, up from $300 million in 2023. Quince has maintained triple-digit year-over-year growth every fiscal year since its 2018 launch.

“Quince has built hyperefficient infrastructure that enables it to deliver unmatched value to consumers at scale and, in turn, has built a brand people love,” said Yoonkee Sull, General Partner at Iconiq Growth.

The company became known for its $50 cashmere sweaters but has expanded into apparel, home goods, accessories, beauty, and wellness. Unlike traditional retail, Quince manufactures products and sells directly to consumers through partnerships with over 100 factories across India, Italy, Turkey, Mongolia, and Cambodia.

“For decades, consumers have been conditioned to equate higher prices with higher quality,” said Matt Lippert, Quince’s Chief Commercial Officer. “We play in categories where quality is tangible and measurable to disprove that assumption.”

Quince’s direct factory model eliminates traditional retail markups. A cashmere sweater costs $50 at Quince compared to $100-$150 at competitors like Everlane. The company uses AI-driven demand forecasting and maintains inventory cycles of 2-4 weeks versus retail’s 3-6 months.

The $500 million will fund global expansion beyond North America, where Quince recently entered Canada in January. The company plans pilot programs for international marketplaces in Europe and Asia while expanding its factory network to over 500 partners.

Quince joins a limited group of private consumer companies valued above $10 billion. The funding represents rare growth capital for e-commerce amid a market focused heavily on AI startups.