In a sea of massive valuations for early-stage AI startups, today we have a bit of rare news: a jumbo round and valuation step-up for an e-commerce company. Quince announced on Wednesday that it raised a $500 million Series E round at a $10.1 billion valuation. The 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. That's more than double the valuation in less than a year. Quince rose to fame on Instagram with its $50 cashmere sweater, but has since amassed a wider range of product offerings, including apparel, home, accessories, beauty, and wellness. Unlike typical e-commerce retail sites, the company manufactures its products and sells them to consumers directly. Quince, which launched out of beta in 2020, calls its business model 'manufacturer-to-consumer.' And because it owns most of its own tech stack and controls its designs and manufacturing, Quince can more accurately predict its sales,...
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