US retail platform Quince has raised $500m in a Series E funding round, bringing its post-money valuation to $10.1bn.
The financing was led by ICONIQ and included participation from Basis Set Ventures, Baillie Gifford, DST Global, MarcyPen Capital Partners, Notable Capital and WndrCo.
Quince said the proceeds will go towards scaling its manufacturer-to-consumer operating system and supporting further international growth.
The company’s model is built around linking manufacturers directly with end customers, bypassing traditional retail middle layers.
The business first trialled the approach in material-focused categories such as cashmere, where, it said, composition and workmanship can be assessed with clarity.
Quince added that its operating structure combines direct relationships with manufacturers alongside proprietary technology and AI tools used to guide operational decisions.
As it broadens into additional product areas, the company said the platform is intended to limit overproduction, tighten supply chains and preserve material standards.
Quince's chief commercial officer Matt Lippert said: “For decades, consumers have been conditioned to equate higher prices with higher quality. 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.”
Unlike traditional retail models that predict demand months in advance and place large-scale production orders, Quince said it forecasts demand weekly at the SKU and size level.
Production typically begins with small-batch runs before scaling output, supported by factory integrations, materials verification systems and real-time production planning tools.
The company said this method allows inventory targets to be measured in weeks rather than quarters, helping to limit excess inventory, streamline supply chains and reduce costs embedded in retail pricing.
Quince reported that it exceeded $1bn in top-line revenue last year and has recorded triple-digit year-on-year growth every fiscal year since launch.
