Amidst the many challenges of the past year, our industry demonstrated its flexibility and fortitude - rapidly adjusting ways of doing business and cramming a decade’s worth of digital progress into a matter of months. Set against this landscape, JOOR remained unwaveringly dedicated to listening to the needs of our clients, assisting them in their digital transformation, and developing innovative solutions to drive the industry forward.
Because of this, a business traditionally hardwired for in-person meetings, showrooms, fashion weeks and tradeshows was able to maintain business continuity by embracing digital solutions. We applaud the resilience of our partners and appreciate their trust in JOOR to provide them both a best-in-class wholesale management platform as well as unmatched customer service.
JOOR’s mission is and always will be to provide industry-leading innovation in support of our clients, leaving no brand or retail partner behind. Since our founding in 2010, our wholesale platform has grown to include more than 12,500 brands and over 325,000 retailers from 144 countries, processing $1.5 billion in wholesale transactions each month. In the past year, new business surged 226%. While we are proud of having created the world’s largest wholesale network for luxury, fashion and home, we strongly believe that how people and companies accomplish goals is just as important as reaching those goals. That is why we are equally proud of our exceptionally high customer retention rate and longstanding partnerships.
This past week, JOOR announced our Series D fundraise of $46M, led by Macquarie Capital Principal Finance. Previous investors ITOCHU Corporation, Battery Ventures and Canaan Partners also participated in the round, signaling their continued belief in JOOR and our dedication to advancing the digitalization of our industry. Media outlets -- including Business of Fashion, WWD, Fashion United, PYMNTS and more all celebrated the announcement. A win for the industry, the fundraising will bring direct benefit to the vast network of brands and retailers our platform serves.
JOOR remains an independent company, allowing us the flexibility to support our global brands and retailers no matter which POS, ERP or eCommerce platforms they utilize. Our focus is to enable the seamless integration of technology and to create a single digital ecosystem that delivers efficiency and unlocks revenue growth for our clients.
JOOR has revolutionized the wholesale buying and selling process, delivering a digital platform that drives connection, collaboration, and transactions. This capital raise will be used to support JOOR’s growth and investment in our platform, continuing to enhance the capabilities we are able to provide to our brand and retail partners. In particular, these funds will be used to fuel product innovation, expand our payments offering to include financing alternatives, as well as support geographic and vertical expansion.
Building upon our leadership position in North America and Europe, JOOR is the first global B2B wholesale platform to launch operations serving brands and retailers in mainland China. Our new office in Shanghai, in addition to our existing presence in Japan and Australia, positions JOOR for successful growth and provides us with the resources to deliver excellent customer support across the Asia-Pacific region.
As we embark on this next chapter, we are hiring key roles across the company to join our diverse team and to be a part of defining the future of our industry through innovative solutions.
From the beginning, our success has depended on the success of our partners. We remain dedicated to listening and answering the needs of our global network of brands and retailers, and to serving the singular goal of ensuring the entire wholesale ecosystem’s strong and prosperous future.
For more information on our fundraise, please read our press release here.