JOOR Raises $25 Million to Boost Fashion Wholesale Platform

Digital wholesale ecosystem JOOR has raised $25 million to expand its platform for fashion retailers and develop its JOOR Pay solution.

The round was led by Brightwood Capital and Tamarix Capital Partners, with participation from existing investors Macquarie Capital, Battery Ventures, and Canaan Partners, JOOR said in a Tuesday (Oct. 17) press release emailed to PYMNTS.

This injection of capital will allow JOOR to enhance its platform experience and better serve its global network of fashion brands and retailers. The company plans to invest in new data-led initiatives and expand its presence in categories such as footwear, sports and outdoors. Additionally, JOOR aims to improve its JOOR Pay solution, which facilitates secure and efficient payment processing within the platform.

Kristin Savilia, CEO of JOOR, expressed her excitement about the funding round, emphasizing JOOR’s track record of enabling growth for brands and retailers.

“Amidst a tough macroeconomic environment, we’re thrilled that our investors recognize the value that JOOR’s solution provides and share our vision of accelerating the platform’s growth through additional innovation and enhanced platform capabilities,” Savilia said.

JOOR provides the fashion industry with a wholesale management solution. Its platform enables brands and buyers to connect, present collections, build assortments, place and manage orders and process payments. By digitizing the entire wholesale buying and selling process, JOOR helps brands and retailers operate more efficiently and leverage data to optimize their business and make informed decisions, according to the release.

With a presence in 150 countries, JOOR’s platform hosts over 14,000 brands and 600,000 curated fashion buyers, Annually, the platform processes nearly $20 billion in wholesale transactions, JOOR said.

In September 2022, JOOR rolled out JOOR Pay, its B2B embedded payments tool for wholesalers.

JOOR Pay can process 135 currencies, allowing it to enable cross-border purchases. Wholesalers can offer 60-day payment terms to buyers through the tool, which can send payouts within days of the transaction and cut the complexity of foreign exchange transactions.

The tool also includes fraud protection. JOOR noted at the time that the product should be especially helpful for small- to medium-sized businesses (SMBs), given the challenges many face expanding internationally.