New funding raises online retailer Quince’s valuation to $10.1 billion
A brand that started out by selling affordable cashmere sweaters is flush with new capital.
Direct-to-consumer lifestyle brand Quince closed on a round of $500 million Series E financing led by Iconiq that values the brand at $10.1 billion. Also participating in the round were Basis Set Ventures, Wellington Management, Wndrco, MarcyPen Capital Partners, Ballie Gifford, Notable Capital and DST Global.
Quince, which is based in San Francisco, said the new funding would support the “continued growth and global expansion of Quince's proprietary manufacturer-to-consumer operating system.” The company, which launched in 2018, is best known for its affordable cashmere sweaters. It started out selling apparel, boasting a sustainable model and shipping direct from factories. It has since expanded into a wide range of categories, including accessories, jewelry, home decor, travel, beauty/wellness and more.
“For decades, consumers have been conditioned to equate higher prices with higher quality," said Matt Lippert, chief commercial officer at Quince. "We play in categories where quality is tangible and measurable to disprove that assumption. The model is simple: design a different system that eliminates the waste consumers have traditionally paid for in retail. That starts with real care around quality, from the materials we source all the way through how products are made, while removing excess production, unnecessary intermediaries, and inventory risk.”
Since launch, Quince has experienced triple-digit growth year over year, every single fiscal year, the company said. A favorite brand of Gen Z and millennials, it surpassed $1 billion in top-line revenue in 2025.
"Quince has built hyper-efficient 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. "By redesigning how premium products are manufactured and delivered, compressing traditional retail cycle times and reducing waste, and building a deep understanding of what customers want in real-time, the company is correcting structural inefficiencies that have long defined retail economics. We are excited to triple down in Quince following a year of strong execution by the team and believe the platform is positioned for durable, long-term growth."