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One Kings Lane lands a kingly $40 million in funding to boost its e-commerce strategy
Flash-sale online retailing is no longer new, but One Kings Lane's version of it has impressed investors enough to bring in $40 million in new funding, bringing its total funding to $67 million.
Flash-sale online retailing is no longer new, but One Kings Lane's version of it has impressed investors sufficiently to bring in $40 million in a new round of funding.
The retailer, which focuses on high-end home décor, has now raised a total of $67 million in three funding rounds.
The retailer will use the newest capital for member acquisition, merchandising and technology innovation, and business model expansion. One Kings Lane says it takes in at least $100 million in annual revenue and has more than 2 million members.
"We are providing a fundamentally better way for home consumers to make purchase decisions and access superior products," says CEO Doug Mack. "This new round of funding will enable us to extend our market leadership while continuing to deliver the best experience in e-commerce for the home decor consumer."
Tiger Global Management, a new investor, led the latest round. Also taking part were existing investors Kleiner Perkins Caufield & Byers and Greylock Partners, and new investor Institutional Venture Partners. Joining the retailer's board as observers are Lee Fixel, managing director of Tiger Global, James Slavet, a partner at Greylock, and Bing Gordon, a partner at Kleiner Perkins.