$40M Funding for One Kings Lane
Furniture Today Staff -- Furniture Today, September 29, 2011
SAN FRANCISCO - Online retailer One Kings Lane, which specializes in discounted home décor, furniture, decorative accessories and gifts, has secured $40 million in new financing from three of its existing investors and a pair new investors.
The retailer said the new capital will be used for continued expansion, technology upgrades, new member acquisition and merchandising.
"This new round of funding will enable us to extend our market leadership while continuing to deliver the best experience in ecommerce for the home décor consumer," said Doug Mack, CEO.
Earlier this year, the fast-growing company raised $23 million from a number of investment firms.
One Kings Lane is a membership-only site that conducts "flash sales" of discounted merchandise. Such sales typically last 72 hours and offer values of up to 70% off traditional retail prices.
As part of the latest financing, new investors Tiger Global Management and Institutional Venture Partners joined current investors Kleiner Perkins, Caufield & Byers and Greylock Partners in providing the capital. Lee Fixel, managing director of Tiger Global, will become an observer on the company's board of directors.
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