Quince hits $10B valuation with giant $500M funding round led by Iconiq

In the first round of AI startups, today we have rare news: a jumbo round and raising the price of an e-commerce company. Quince he announced On Wednesday it raised a $500 million Series E round at a price of $10.1 billion.

The round was led by veteran investor Iconiq, which also led Quince’s $200 million Series D in early 2025 at. 4.5 billion dollars. That’s doubling in less than a year.

Quince became popular Instagram with her $50 cashmere sweaterbut since then she has found many things to offer, including clothing, housing, accessories, beauty, and health. Unlike e-commerce sites, the company manufactures its own products and sells them directly to consumers.

quince, which was launched in beta in 2020it calls its business model “manufacturer-to-consumer.” And because it has many of its own technical tools and control over its design and production, Quince can predict its sales, according to a. blog post and Iconiq. This helps to create smaller batches with less waste.

Quince and its investors argue that, unlike fast fashion, Quince can produce high-quality products at a low cost.

Not that the company has been without controversy. It has faced several lawsuits from companies that claim Quince is selling fakes of their designs. Coach parent Tapestry is suingsuch as Williams Sonoma, Puck said. Deckers also sued for shoe designs, but the court ruled in Quince’s favor.

If such scuffles have given Quince a copycat reputation, as Puck points out, the site’s customers seem to be having none of it. The company says its top dollar is now over $1 billion. In January, too growth in Canada.

Other participating investors include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Ballie Gifford, Notable Capital, and DST Global.