Some employees of online wholesale marketplace Faire—which is dual-headquartered in Kitchener, Ont. and San Francisco—will be able to sell their shares as a way to collect cash while the company remains private. Waterloo, Ont.-based True North Fund, led by former Communitech CEO Chris Albinson, is one of the buyers, with California firm WCM Investment Management leading the share purchase. (The Logic)
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Some employees of online wholesale marketplace Faire—which is dual-headquartered in Kitchener, Ont. and San Francisco—will be able to sell their shares as a way to collect cash while the company remains private. Waterloo, Ont.-based True North Fund, led by former Communitech CEO Chris Albinson, is one of the buyers, with California firm WCM Investment Management leading the share purchase. (The Logic)
Talking point: The move acts as a bridge to an initial public offering, by giving early employees liquidity before the company has an exit. Secondary share sales like these have surged in recent years, letting companies stay private longer while satisfying early shareholders. The sale follows a steep drop in Faire’s valuation, which ballooned to US$12.4 billion in 2021, amid the pandemic-era e-commerce boom, before falling to US$5 billion two years later.
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