Canadian CEO, Taleeb Noormohamed, secures funds to further expand into new categories, grow e-commerce operations globally
LEHI, Utah–(BUSINESS WIRE)–Jane, a curated online marketplace for boutique sellers and stylish, value-conscious consumers who love to shop for quality clothing and home products, today announced a $40 million growth investment from Tritium Partners. Tritium is a growth-focused private equity firm whose principals have extensive experience building online marketplaces, including Vrbo and RetailMeNot. This financing, Jane’s first since its founding, will accelerate the e-commerce retailer’s already exceptional growth and support its aggressive plans to expand the Jane brand internationally.
Under the recent leadership of Canadian veteran marketplace executive Taleeb Noormohamed, Jane has become a highly-curated, go-to source for fashion, home décor and other stylish products. Jane’s loyal user base has purchased more than $1 billion of goods through its marketplace and its skyrocketing growth has earned it a place on the Inc. 5000 list six times as one of the fastest-growing privately held companies. Tritium’s investment will be used to further build out Jane’s growing platform, enabling the company to provide an even more personalized customer experience with category expansions and geographic growth along with powerful new features for its boutique sellers.
“In addition to growing Jane, one of the most important things we did during this year was to transform the culture into one that embraced remote work. We proved we could access talent anywhere without losing a sense of connection, which has enabled us to create jobs and hire teammates at all levels in Vancouver and Toronto – and across the USA.,” said Jane CEO Noormohamed. “Now, as we partner with Tritium and embark on the next phase of our journey, we are focused on building Jane into a global, household brand as we expand our services to reach more customers and empower more small boutique merchants around the world.”
In the face of difficult retail conditions, Jane continues to thrive by providing a more curated customer experience that meets the evolving needs of consumers with an expanding set of product categories, all at attractive prices. Jane’s momentum grew throughout 2020, regularly exceeding 80% growth and breaking daily sales records.
“Jane’s exceptional curation for their consumers makes the brand unique and appealing to its many stylish – but value-conscious – customers,” said Matt Bowman, Managing Partner of Tritium Partners. “We see significant potential for Jane in a market where consumers are rallying behind small businesses and looking for more personalized experiences. We are thrilled to partner with Jane to further enhance their category offerings, geographic reach, and marketplace features.”
“We built Jane as a way to empower small businesses to reach an active community of shoppers who love boutique apparel and home décor. As we grow, we are so grateful for the support that we receive from customers and sellers alike,” said founders Mike and Megan McEwan. “Today, we are very excited to partner with Tritium, given their deep marketplace experience, as we look to expand Jane’s awareness and brand.”
Founded in 2011, Jane is a boutique marketplace featuring the latest in women’s fashion trends, accessories, home decor, children’s clothing, and more. With an industry-leading e-commerce platform, Jane empowers small businesses around the country – both online sellers and brick and mortar shops – and helps customers stay on trend, all at amazing prices. Featuring hundreds of new products every day, Jane has everything you need to live your best, most stylish life. Six-time Inc. 5000 winner, Jane is also ranked on the Utah Business Fastest Growing Companies and a recipient of Best Workplaces’ Great Place to Work Award. To learn more, please visit Jane.com, download the app in the Apple or Google Play Stores, or follow along on Instagram.
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. With > $900 million of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth strategies, while maintaining capital efficiency. Tritium’s approach emphasizes creating long-term value through both strategic growth initiatives and acquisitions, with specialized expertise in FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services.
Allison Bartella, SourceCode Communications