Montreal-based SSENSE, a technology-enabled fashion retailer, has received an undisclosed minority investment from Sequoia Capital. The external financing, the first in SSENSE’s 18-year history, gives it a post-money enterprise value of more than C$5 billion. Sequoia Capital China venture partner Angelica Cheung will join the board.
MONTREAL, June 8, 2021 /CNW/ – SSENSE, the global technology platform for fashion and Everything ElseTM, announced today it has received a minority investment from leading investment firm Sequoia Capital, giving the company a post-money enterprise value of over CAD 5 billion.
This is the first round of external funding in the company’s 18-year history. Proceeds from the transaction will be used to further accelerate the company’s global growth strategy. Following the transaction, Angelica Cheung, Venture Partner for Sequoia Capital China, will join the SSENSE Board of Directors.
Rami Atallah, Co-founder & Chief Executive Officer of SSENSE said: “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. 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.”
Neil Shen, Steward of Sequoia Capital, Founding and Managing Partner of Sequoia Capital China said: “We are thrilled to become the first outside investor and partner with SSENSE. 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.”
Rothschild & Co served as the exclusive financial advisor to SSENSE in the transaction. Simpson Thacher & Bartlett LLP served as the legal advisor to SSENSE.
SSENSE (pronounced [es-uhns]) is a global technology platform operating at the intersection of culture, community, and commerce. Co-founded in 2003 by brothers Rami, Firas, and Bassel Atallah, and headquartered in Montreal, it features a mix of established and emerging luxury brands across womenswear, menswear, kidswear, and Everything ElseTM .
SSENSE has garnered critical acclaim as both an e-commerce engine and a producer of cultural content. SSENSE generates an average of 100 million monthly page views. Approximately 80% of its audience is between the ages of 18 to 40. It is privately held and has achieved high double digit annual growth and profitability since its inception.
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The Sequoia team helps daring founders build legendary companies. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we’ve learned over 49 years. As “The Entrepreneurs Behind the Entrepreneurs,” Sequoia China focuses on three sectors: TMT, consumer/services and healthcare. Over the past 16 years we’ve had the privilege of working with approximately 600 companies in China.