Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
The flash-sale retailer will use the capital to acquire members and beef up technology.
One Kings Lane, a flash-sale retailer that focuses on high-end home décor, said today it has raised $40 million in a funding round, the company’s third.
Tiger Global Management, a new investor, led the funding 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.
Including the latest funding round, One Kings Lane says it has raised a total of $67 million in funding. 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 décor consumer.”