Wayfair.com secures $36.3M for Joss & Main
Retail Editor 5 -- Furniture Today, January 28, 2013
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.
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.
In addition, the site released a mobile app last year, which it said has helped drive sales growth.