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sweeping marketplaceFairehas laid off 20 % of its stave , or about 250 people , as part of a restructuring , according to multiple reports .
Business Insiderbroke the news , reporting that the job cuts were companywide . Faire in October of 2022 had laid off 7 % of its stave , which totaled about 1,200 at that fourth dimension , grant to reporting byThe Information . So this round marks its 2nd round of know cuts in just over a year .
A Faire spokesperson told TechCrunch that the caller has restructured the party to better align its teams with its “ retentive - term visual sensation . ”
In May of 2022,Faireraised a $ 416 million extensionto itsSeries gigabyte financing , more than doubling the sizing of that round .
That round valued Faire — which has built a market place link retailers to indie marque globally — at $ 12.59 billion post - money , or just under $ 200 million more than its evaluation in November of 2021 .
The company had raised over $ 1.4 billion since its 2017 origin from investor such as Founders Fund , Sequoia Capital , Y Combinator , Khosla Ventures and Lightspeed Venture Partners . Founders Fund General Partner Keith Rabois recentlytold TechCrunchthat Faire “ will be worth ten-spot of billions of dollar mark . ”
He added : “ Literally , at YC Demo Day , when they presented , as they finished the presentation , I said , ‘ That ’s a $ 100 billion company right there . ’ The founders are fantastic , the metrics are great , the market opportunity wonderful , even though most masses missed it . ”
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Faire ’s model is interesting in that it drive to be an indie Amazon . It associate emerge autonomous businesses around the world with local retail merchant so that their goods can be sold to more hoi polloi .
In September , Faire and Shopify announce a partnership that established Faire as “ the recommended wholesale market for Shopify , ” which powers 1000000 of merchants around the world . As part of that deal , Shopify also became a shareholder in Faire .
It ’s not clean how Faire ’s business organisation has been performing as of later but in mid - November 2021 , the company said that it take care “ more than 3x class - on - year growth ” and had get to more than $ 1 billion in annual book in less than five old age . That same month , Faire noted that six month after it expanded into 15 marketplace in Europe and the United Kingdom , its annualized sales volume in the region go past more than $ 150 million — “ a scale leaf that took nearly three years to accomplish in North America , ” it say .
accord to its website , its marketplace connects retailers globally to more than 100,000 brand .
