And The Winner Is…
RedEnvelope, a multi-channel gift retailer, has announced that it has secured its third venture round of financing for $33 million. Leading the round of financing is Direct Equity Partners, a venture between Madison Dearborn Partners and Gruppo, Levey & Co. which invests in direct marketing and e-commerce companies. Other new investors are Atrium Capital, Comdisco Ventures and Crown Technology Partners. Previous financial partners also participating in this funding are Sequoia Capital, Weston Presidio Capital, Sippl MacDonald Ventures, Silicon Valley Angel Fund, and Philips-Smith Specialty Retail Group.
The capital investment will be used to extend San Francisco-based RedEnvelope's existing online and offline marketing effort, build technology, increase brand awareness and acquire new customers, it says. It will also use it to ramp up inventory for the holiday season, expand the fulfillment and customer service centers and for general operational expenses.
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