E-commerce company Quince announced on Wednesday that it raised a $500 million Series E round at a $10.1 billion valuation. The funding round was led by previous investor Iconiq, which also led Quince’s $200 million Series D in early 2025 at a reported $4.5 billion valuation. This translates to more than double the valuation in less than a year.
Quince, which launched out of beta in 2020, rose to fame on Instagram with its $50 cashmere sweater, and expanded its offerings to include apparel, home, accessories, beauty, and wellness. Unlike typical e-commerce retail sites, the company manufactures its products and sells them to consumers directly.
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The company calls its business model “manufacturer-to-consumer.” It owns most of its own tech stack and controls its designs and manufacturing, allowing it to accurately predict its sales, according to a blog post by Iconiq. This allows smaller batch manufacturing with less waste.
Quince and its investors argue that unlike fast fashion, Quince can produce higher-quality products at low costs. However, the company has also seen controversy, including lawsuits from brands alleging it is selling copies of their designs. Coach parent Tapestry is suing, as is Williams Sonoma, according to reports. Deckers also sued over footwear designs, but a court ruled in Quince’s favor.
Aside from Iconiq, Basis Set Ventures, Wellington Management, Wndrco, MarcyPen Capital Partners, Ballie Gifford, Notable Capital and DST Global, also participated in the round. This funding will accelerate global expansion after reaching $1 billion in revenue and achieving triple-digit growth each year since launch.
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“Consumer businesses often trade off between building a brand and building a defensible economic model with durable growth. Quince is one of the few we have seen where both can reinforce each other. The structural efficiency of the supply chain can create margin that conventional retailers do not have. The curation and quality create brand equity that commodity aggregators are structurally unable to replicate,” Iconiq said in its blog post.
“Since we co-led the Series D in early 2025, the entire team has continued to execute with a clarity of purpose that we believe is rare – that better quality and fairer prices are not in conflict. In doing so, the company has maintained significant growth at incredible scale while demonstrating exceptional unit economics.”
“We are proud to deepen our partnership with a team focused on building an enduring brand and platform for modern commerce. We could not be more excited about where Quince is headed and are looking forward to what’s next,” Iconiq added.