Montreal-based retailer SSENSE has received minority investment from Sequoia Capital that values the ecommerce platform at more than $5 billion CAD (approximately $4.13 billion USD). This marks Sequoia Capital’s expansion into the fashion industry, and comes after the company took a controlling stake in AMI earlier this year.
The investment is the first time SSENSE has taken external funding since it was founded 18 years ago, and the money will allow the company to focus on its global growth strategy. Additionally, Angelica Cheung, venture partner for Sequoia Capital China, will join SSENSE’s board.
Announcing the news, SSENSE’s co-founder and CEO Rami Atallah paid tribute to “a like-minded partner who shares our belief in pushing boundaries,” adding: “SSENSE was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world. I’m grateful to be surrounded by a diverse, world-class team who continues to contribute to the ongoing success of SSENSE… Together, I’m confident we’ll strengthen the strategic, operational, and technological foundations to achieve our bold aspirations.”
Neil Shen from Sequioa Capital also released a statement, explaining that, “Sequoia is excited to support SSENSE in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalization, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.”
In other business news, men’s grooming brand FACULTY raises $3M USD in funding.