95% of the orders at Hallmark Business Connections are processed online, CEO Tressa Angell says.
The fast-growing online flash-sale retailer of home décor products has raised a total of $229 million after a fifth round of funding led by new investor Mousse Partners. The funding supports its efforts to compete against the likes of Williams-Sonoma, Gilt Group and Rue La La.
One Kings Lane, a web-only flash-sale retailer of home furnishings, raised $112 million this week in a Series E funding round led by New York-based Mousse Partners, a new investor, a spokeswoman for the retailer says. The new funding nearly doubles the amount the retailer has so far raised, to $229 million.
Based on this latest fund-raising, investors now value One Kings Lane at $912 million, a spokeswoman for the e-retailer says.
One Kings Lane, which launched in 2009, reported $200 million in 2012 sales, putting it at No. 120 in the Internet Retailer Top 500.
The new funding will help the retailer compete against other home décor and flash-sale retailers such as Williams-Sonoma Inc., No. 22 in the Internet Retailer 500, Gilt Groupe, No. 54, and Rue La La, No. 76. One King’s Lane did not say how it planned to use the funding. Mousse Partners did not immediately return a call for comment.
One Kings Lane has taken several steps in recent months to introduce new ways of interacting with online shoppers while also adding product lines. Among new shopping features are a digital shopping catalog launched late last year and a new mobile app designed for both iPhones and iPads.
Earlier this year, One Kings Lane began offering vintage jewelry to complement its fashion accessories like handbags and gifts.
As part of the latest funding agreement, Mousse Partners chairman Charles Heibronn will join the board of One Kings Lane, the retailer’s spokeswoman says.
In addition to Mousse Partners, One Kings Lane says that two unnamed “leading global institutional investors” participated in the latest funding round. Also participating were all of the investors in the retailer’s prior rounds, including Scripps Networks Interactive, Kleiner Perkins, Greylock Partners, IVP and Tiger Global Management.