Andreessen Horowitz · San Francisco · France · Fortune Technology
Wholesale marketplace Faire survived the ‘fog of crazy valuations.’ Now, it’s eyeing an IPO
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Faire, the online wholesale market, is eyeing a potential IPO in the next 12 months, after surviving the perils that come from pressure on Bay Area tech darlings to grow, grow, grow.
Key facts
- Faire was mostly recently valued at $5.2 billion last November in a $100 million tender offer
- In its most recent quarter, Faire earned $750 million in annualized revenue, up 49% from a year earlier
- About 500,000 retailers and 100,000 brands now use the site
- The No. 1 thing on the path to durable success in business is solving problems for customers,” says Rhodes
Summary
“It was like the fog of war or the fog of crazy valuations, and the tech industry collectively losing its mind,” co-founder and CEO Max Rhodes tells Fortune. Now, Faire has re-engineered itself with a healthier business model for the long haul. Faire was mostly recently valued at $5.2 billion last November in a $100 million tender offer. The problem Faire ran into, Rhodes recalls, is that the pursuit of fast growth was causing questionable decision-making that could have jeopardized Faire down the road.