Montreal-based retailer SSENSE has received a minority investment from Sequoia Capital that values the e-commerce platform at more than $5 billion CAD (approximately $4.13 billion USD). This marks Sequoia Capital’s expansion into the fashion industry and comes after the company took a controlling stake in French label AMI earlier this year.
The investment is the first time SSENSE has taken external funding since it was founded 18 years ago, and the money will allow the company to focus on its global growth strategy. Additionally, Angelica Cheung, venture partner for Sequoia Capital China, will join SSENSE’s board.
“SSENSE was founded on the principles of challenging convention and using our platform to amplify the voices that are changing the way we see the world,” said Rami Atallah, co-founder and chief executive officer of SSENSE. “I’m grateful to be surrounded by a diverse, world-class team who continues to contribute to the ongoing success of SSENSE. We’ve found a like-minded partner who shares our belief in pushing boundaries as we advance in our next stages of growth. Together, I’m confident we’ll strengthen the strategic, operational, and technological foundations to achieve our bold aspirations.”
“We are thrilled to become the first outside investor and partner with SSENSE,” added Neil Shen, steward of Sequoia Capital, founding and managing partner of Sequoia Capital China. “Under the leadership of brothers Rami, Firas, and Bassel Atallah, SSENSE has emerged as one of the leading online fashion platforms connecting brands with Millennials and Gen Z consumers around the world. Sequoia is excited to support SSENSE in its continued global expansion and China acceleration. The partnership represents another solid step in our efforts in supporting the fashion industry’s digitalization, backing visionary founders to transform and elevate the global fashion e-commerce experience to a new level.”