In the midst of soaring valuations for early-stage AI startups, a noteworthy update emerges: a substantial funding round for an e-commerce firm. Quince revealed on Wednesday its acquisition of $500 million in a Series E funding, elevating its valuation to $10.1 billion.
Previously, Iconiq, a recurring investor, spearheaded Quince’s $200 million Series D in early 2025, then valued at $4.5 billion, marking more than double the valuation in under a year.
Quince gained recognition on Instagram with its $50 cashmere sweater and has since widened its product range to include apparel, home goods, accessories, beauty, and wellness items. Unlike conventional e-commerce platforms, Quince manufactures and directly sells its products to consumers.
Launched from beta in 2020, Quince describes its model as “manufacturer-to-consumer.” With control over its technology stack and manufacturing, it predicts sales more precisely, reports Iconiq, allowing for small-batch, waste-minimal production.
Quince and its backers maintain that, unlike fast fashion, they deliver high-quality products at competitive costs.
Despite progress, Quince encounters legal challenges, facing lawsuits over alleged replica designs. Legal disputes include Coach parent Tapestry and Williams Sonoma, per Puck’s reports. However, Quince won a lawsuit regarding footwear designs against Deckers.
While some label Quince as a copycat, customer support appears strong, with revenue surpassing $1 billion. Quince has also extended its reach to Canada.
Investors like Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Ballie Gifford, Notable Capital, and DST Global also participated in the latest round.