The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
The web-only retailer also reports a 60% jump in mobile sales.
Third quarter online sales increased nearly 30% for Geeknet Inc., parent company of web-only electronics and gadgets retailer ThinkGeek.com, but the merchant reported a loss.
For the third quarter ended Sept. 30, Geeknet, No. 180 in the Internet Retailer Top 500 guide, reported:
- Sales of $22.4 million, a 29.5% increase from $17.3 million in the third quarter of 2012.
- A loss of $1.4 million, compared with net income of $8.4 million in the same period a year ago.
- Launching 477 products, including 98 exclusive ones.
- Average order value of $62, up 3.3% from $60 in the third quarter of 2012.
- A conversion rate of 1.47%, up from 1.45%.
- A 23% increase in sales and marketing expenses, to $2.1 million, driven by the company’s drive to promote its brand.
- A 30% increase in technology and design spending, to $1.5 million.
The retailer’s mobile commerce efforts gained steam during the quarter, CEO Kathryn McCarthy told analysts this week during the company’s earnings conference call. “Our mobile and tablet initiatives are in the early stages but doing well, with sales increasing 60% over last year with improved conversion rates,” she said. “In Q4, we plan to implement improvements to the tablet experience, and we plan more changes to our mobile experience next year.”
For the year to date, Geeknet reported:
• Revenue of $63.9 million, up 21.5% from $52.6 million for the same period a year ago.
• A net loss of $5.3 million compared with net income of $7.9 million last year.