The furnishing retailer will expand membership and boost merchandising and technology.
Home furnishings flash-sale retailer One Kings Lane has raised $23 million in new funding.
“The new capital will be used to accelerate growth of One Kings Lane’s membership base, providing additional resources for merchandising, technology and creative innovation, and to drive continued strong customer satisfaction,” says CEO Doug Mack. The company, which launched its site in April 2009, says it increased sales 500% in 2010 over 2009, but did not provide details on revenue.
The investment round was co-led by existing investor Kleiner Perkins Caufield & Byers and new investor Greylock Partners. Additional participants include existing investors First Round Capital and Reid Hoffman, as well as new investors TriplePoint Capital and Marissa Mayer. James Slavet, partner at Greylock, will join Bing Gordon, a partner at Kleiner Perkins, as an observer to the One Kings Lane Board. Aileen Lee, another partner at Kleiner Perkins, will continue to serve on the board with Mack and One King Lane founders Susan Feldman and Alison Pincus.
The members-only site is similar to designer apparel retailers Gilt.com and RueLaLa.com, Nos. 140 and 103 on Internet Retailer’s Top 500 Guide, each of which generally offer designer items at deep discounts that last only two to three days.
“One Kings Lane is truly reinventing how consumers find and purchase distinctive home products, building a new model where curation is king,” Mack says. “This new round of funding is tremendous validation of our company, and also provides us the fuel to continue to expand One Kings Lane, and break new ground in retail and e-commerce.”