Retailers shift their ad spending from TV, radio and print ads to digital ads.
Brands upload their products to the web marketplace and retailers go shopping.
B2B e-marketplace Joor, which allows brands to sell fashion items wholesale to retailers online, has raised $15 million in a Series B funding round, it announced today. The money will help Joor expand globally and enhance its technology platform, it says.
“Joor is eager to move into new international markets and expand our team to further support our sales and technology infrastructure,” says CEO Mona Bijoor.
Investment firm Canaan Partners led the round, with contributions from Advance Publications, the parent company of Conde Nast and its Fairchild Fashion Media division, Joor says. Existing investors Battery Ventures, Forerunner Partners and Lerer Ventures also participated in the round.
Joor provides its e-marketplace platform via the web and through an iPad app, with an iPhone app forthcoming, it says. Brands upload their products to the web marketplace and retailers make purchases much as consumers would shop on an e-commerce site, Joor says. It allows transactions in multiple currencies. More than 600 brands and 40,000 retailers worldwide use Joor, it says. Retailers include Net-a-Porter Group, No. 91 in the 2013 Top 500 Guide, and Barneys New York Inc., No. 181.
“Joor enables leading luxury fashion brands on an exclusive basis to connect seamlessly to any retailer anywhere,” says Dan Ciporin, general partner at Canaan Partners.
Joor in 2011 raised $2.5 million in Series A funding. To date, it says it has raised more than $20 million.