In a sea of massive valuations for early-stage AI startups, today we have a bit of rare news: a jumbo round and valuation step up for an e-commerce company. Quince announced on Wednesday that 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 $200 million Series D in early 2025 at a reported $4.5 billion valuation. That’s more than double the valuation in less than a year.

Quince rose to fame on Instagram with its $50 cashmere sweater, but has since amassed a wider 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 to consumers directly.

Quince, which launched out of beta in 2020, calls its business model “manufacturer-to-consumer.” And because it owns most of its own tech stack and controls its designs and manufacturing, Quince can more accurately predict its sales, according to a blog post by Iconiq. This allows smaller batch manufacturing with less waste.

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

Not that the company has been without controversy. It has faced several lawsuits from brands alleging Quince is selling dupes of their designs. Coach parent Tapestry is suing, as is Williams Sonoma, Puck reported. Deckers also sued over footwear designs, but a court ruled in Quince’s favor.

If such scuffles have given Quince a copycat reputation, as Puck describes, the site’s customers are apparently unphased. The company says that its top-line revenue has now surpassed $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.