Quince reaches $10 billion valuation with $500 million mega round led by Iconiq

In a sea of ​​massive valuations for early-stage AI startups, today we have some rare news: a massive round and valuation increase for an e-commerce company. Quince announced Wednesday that it has 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 $200 million Series D in early 2025 at a reported valuation of $4.5 billion. This more than doubled the valuation in less than a year.

Quince rose to fame on Instagram with his $50 cashmere sweater, but has since amassed a wide range of product offerings, including clothing, home, accessories, and beauty and wellness. Unlike traditional e-commerce retail sites, the company manufactures its products and sells them directly to consumers.

Quince, which launched from beta in 2020, calls its business model a “consumer manufacturer.” Because it owns most of its technology stack and controls its designs and manufacturing, Quince can forecast its sales more accurately, Iconiq blogged. This allows smaller batches to be manufactured with less waste.

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

That’s not to say the company has been without controversy. It has faced numerous lawsuits from brands alleging that Quince sells knockoffs of its designs. Coach Tapestry’s father is suing, as is Williams-Sonoma, Bock reported. Deckers also sued over the shoe designs, but the court ruled in favor of Quince.

If such altercations have given Quince a reputation for imitation, as Bock describes, then the site’s clients are clearly not progressive. The company says its total revenue has now exceeded $1 billion. In January, it also expanded to Canada.

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