In a sea of huge valuations for early-stage AI startups, we have some rare news today: a jumbo round and a valuation increase for an e-commerce company. Quince was announced on Wednesday, 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 $200M Series D in early 2025 at reported valuation of $4.5 billion. That’s more than double the valuation in less than a year.
Quince rose to fame Instagram with the $50 cashmere sweaterbut has since amassed a broader 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 directly to consumers.
Quince, which launched in beta in 2020, calls its business model “maker-to-consumer.” And because it owns most of its own technology stack and controls its designs and manufacturing, Quince can more accurately forecast its sales, according to blog post by Iconiq. This allows smaller batches to be produced with less waste.
Quince and its investors argue that, unlike fast fashion, Quince can produce higher-quality products at lower costs.
Not that the company was without controversy. It has faced several lawsuits from brands that claim Quince is selling their designs. Tapestry parent coach is suinglike Williams Sonoma, Puck mentioned. The Deckers were also sued over shoe designs, but a court ruled in favor of Quince.
If these kinds of skirmishes have given Quince a reputation for copying, as Puck describes, the site’s customers are apparently unconcerned. The company says its top line revenue has now topped $1 billion. In January, too expanded to Canada.
Techcrunch event
San Francisco, California
|
13-15 October 2026
Other participating investors include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Ballie Gifford, Notable Capital and DST Global.
