Working on a startup is an admirable goal because it takes months, often years, to get rewarded for your hard work. But sometimes, you can run into a golden egg, as was what happened to Marcos Cortes, the co-founder, and chief tech officer at Faire. The golden egg, in this case, was the lockdown following the COVID-19 -a solid example of what was a nightmare for some became a dream come true for others.
Faire, an online marketplace connecting everyday customers with wholesale vendors, rounded up a staggering 260 million dollars in its latest investment venture earlier in June. This brought the value of this Canadian startup to 7 billion dollars -making it one of the best startups the country has seen!
With this rapid success, Faire has expanded its worker base too. The Kitchener, where the Faire employees worked, hosted around 55 workers before the pandemic, and that quickly rose to 175. The startup has continued to expand its workspace, and Cortes expects to shift to two to three large offices soon. As many companies get comfortable in the work-from-home lifestyle from the lockdown, Faire envisions a hybrid model.
Faire has kept its momentum on expansion. The company is also looking for a space to host its 25 employees in Toronto. The company has also gone international, as they now search for offices in London, England, to facilitate their expansion in 10 European countries.
Faire’s competitors aren’t expecting great news anytime soon, as the exponential success of startups continues to snowball. More retailers are looking to sell their products at Faire because it connects them to a larger market. Over 18,000 brands and about 200,000 retailers use Faire to sell to their target audience. Most of the retail markets that Faire caters to are small-independent retailers who love the 60-day pay time and the ability to return goods in that window. Other than that, it’s gaining popularity among medium-sized brands which are big enough for warehouse services.
Faire has a motive, and it doesn’t plan on slowing down anytime soon. This huge growth has caught the attention of Sequoia Capital, a venture capital firm based around silicon valley, which leads the last two rounds of investment for Faire.