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E-retailer NoMoreRack.com raises $12 million
The discount web merchant plans to expand internationally.
NoMoreRack.com, a 2-year-old discount e-retailer, has raised $12 million in a Series A funding round led by Giosis Gmarket International Pte. Ltd., which operates online marketplaces in Asia. NoMoreRack.com says it will use the capital to expand internationally and scale operations.
“While we were approached by a number of venture capital firms, we opted to move forward with strategic investors who have deep domain experience and can add the most value to our customers, with an emphasis on helping to source more high-quality, low-cost products and further enhancing an already strong customer shopping experience,” says Deepak Agarwal, founder and CEO of NoMoreRack. “This new round of funding will enable us to continue to scale our great success, offering consumers the merchandise they want at unheard of discounts.”
Ifty Ahmed, director at Giosis Gmarket, will join the board at NoMoreRack. The e-retailer six months ago moved to New York City from Vancouver, British Columbia.
NoMoreRack says it sells an average of 40,000 items each day in such product categories as home, fashion and consumer electronics. The e-retailer says it sells items at discounts that typically range from 70% to 90% off list price.