Quince hits $10B valuation with big $500M spherical led by Iconiq

In a sea of huge valuations for early-stage AI startups, immediately now we have a little bit of uncommon information: a jumbo spherical and valuation step-up for an e-commerce firm. Quince announced on Wednesday that it raised a $500 million Sequence E spherical at a $10.1 billion valuation.

The spherical was led by earlier investor Iconiq, which additionally led Quince’s $200 million Sequence D in early 2025 at a reported $4.5 billion valuation. That’s greater than double the valuation in lower than a yr.

Quince rose to fame on Instagram with its $50 cashmere sweater, however has since amassed a wider vary of product choices, together with attire, house, equipment, magnificence, and wellness. In contrast to typical e-commerce retail websites, the corporate manufactures its merchandise and sells them to shoppers straight.

Quince, which launched out of beta in 2020, calls its enterprise mannequin “manufacturer-to-consumer.” And since it owns most of its personal tech stack and controls its designs and manufacturing, Quince can extra precisely predict its gross sales, in keeping with a blog post by Iconiq. This permits smaller batch manufacturing with much less waste.

Quince and its traders argue that, in contrast to quick vogue, Quince can produce higher-quality merchandise at low prices.

Not that the corporate has been with out controversy. It has confronted a number of lawsuits from manufacturers alleging Quince is promoting dupes of their designs. Coach parent Tapestry is suing, as is Williams Sonoma, Puck reported. Deckers additionally sued over footwear designs, however a court ruled in Quince’s favor.

If such scuffles have given Quince a copycat fame, as Puck describes, the location’s prospects are apparently unphased. The corporate says that its top-line income has now surpassed $1 billion. In January, it additionally expanded to Canada.

Different collaborating traders embrace Foundation Set Ventures, Wellington Administration, WndrCo, MarcyPen Capital Companions, Ballie Gifford, Notable Capital, and DST World.