(Bloomberg) -- Faire Inc., an online wholesaler, is set to more than double its valuation to exceed $2 billion with a new funding round that's under negotiation.
The San Francisco-based company, founded by three former Square Inc. colleagues, is in advanced discussions with new and existing investors about raising more than $100 million in new capital, according to people with knowledge of the matter who asked not to be identified.
Representatives for Faire didn't immediately respond to requests for comment.
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The company, led by Chief Executive Officer Max Rhodes, offers products similar to those found on Etsy Inc. Rather than catering to individuals, it targets independent shop owners, many of whom operate a single store. The company has more than 60,000 such customers, its website shows.
Faire features products such as birthday cake-scented candles, raw honey, bath items and toys that are handmade, environmentally friendly and not sold on Amazon.com Inc., according to the website.
Faire raised $150 million in October 2019 at a $1 billion valuation from investors including Founders Fund and Lightspeed Venture Partners. Other backers include Y Combinator, Khosla Ventures, Sequoia Capital and Forerunner Ventures.
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