Japan-based telecommunications firm Softbank takes a 50% stake in Gilt’s Japanese arm.
Flash-sale retailer Gilt Groupe Inc. said today it has raised $138 million in funding from new and previous investors. Gilt says it will use the money to pay for acquisitions, geographic expansion and product additions.
Softbank Group, a Japan-based telecommunications, Internet and media company, invested $62.5 million in Gilt Groupe. Gilt says Softbank also has made additional cash and service investments in Gilt Groupe Japan, and that Softbank now has a 50% stake in Gilt’s Japan unit. "I am very excited to see further expansion of Gilt's offerings to Japanese customers," says Masayoshi Son, chairman and CEO of Softbank. "With our Internet technology and Gilt's innovative service, we look forward to working together to bring the Japanese market to a new stage of online shopping."
Funding also came from previous investors General Atlantic and Matrix Partners, along with Goldman Sachs, New Enterprise Associates, Draper Fisher Jurvetson Growth, Pinnacle Ventures, TriplePoint Capital and Eastward Capital.