The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
The bookseller’s new web site generated sales of $7.4 million from its soft launch on May 27 through the end of the quarter Aug. 2. Previously, Borders sold online through Amazon and received a commission on those sales.
Borders Group Inc. has reported the first sales from its new web site, $7.4 million from the launch of the new Borders.com May 27 through the end of the quarter Aug. 2. Borders began promoting the site in mid-July, after working out the kinks in the site during the soft launch phase.
Borders previously sold online through Amazon.com Inc., but the company did not characterize income from that deal as sales. “This fee/income could not be described as sales as all sales were technically booked by Amazon with us receiving a percentage,” a Borders spokeswoman says.
Overall, Borders reported second quarter revenue of $749.2 million, down 6.9% from the same quarter in 2007, which included the release of the blockbuster final book in the Harry Potter series. Excluding sales of the Harry Potter book, Q2 sales were down 5.1%. Borders incurred a second quarter loss of $11.3 million vs. a loss of $18.1 million for the same quarter a year ago.