Wayfair.com secures $36.3 million in funding for Joss & Main
Clint Engel -- Furniture Today, December 10, 2012
BOSTON — Online home furnishings retailer Wayfair.com said it has secured $36.3 million in new equity financing to fuel the growth of its flash sale site Joss & Main.
The Boston-based company said Joss & Main now has nearly 3 million members and annual run-rate revenues of $100 million. Wayfair claimed it's the fastest growing flash sale site for home goods and furnishings.
Investors providing the financing include Battery Ventures, Great Hill Partners, HarbourVest Partners and Spark Capital.
"Joss & Main has gained tremendous traction over a very short period of time through its unique approach to curated e-commerce," Wayfair.com CEO and co-founder Niraj Shah said in a release.
Shah said Cyber Monday following the Thanksgiving weekend was its best sales day, adding that sales are up 10-fold since last year. With the help of its investors, "we expect to grow membership and sales at an even greater pace," he said.
A division of Wayfair.com, Joss & Main is a membership-based website that offers home decor via daily events, spotlight collections highlighting design trends and styles, and curated collections in collaboration with celebrities and influential design sources.
The site released a mobile app earlier this year, which it said has helped drive sales growth.
"Mobile shopping represents more than one third of sales every weekend, and reached nearly 40% on Cyber Monday," Joss & Main co-founder and General Manager John Mulliken said. He said mobile is growing four to five times as fast as the rest of its business.
"The combination of inspirational content, compelling pricing, and a simple experience to quickly shop our events from anywhere is driving a big portion of our success - and our mobile app members are 40% more engaged than our other members," Mulliken said.