One Kings Lane secures $40 million in funding
Retail Editor 3 -- Home Textiles Today, September 23, 2011
San Francisco - One Kings Lane, a home goods flash sales site, raised $40 million in Series C financing led by a new investor, Tiger Global Management. Additional participants include new investor Institutional Venture Partners (IVP) along with existing investors Kleiner Perkins Caufield & Byers (KPCB) and Greylock Partners.
The funding, which brings the total amount raised to $67 million, will be used for continued investment in the business to deliver strong customer satisfaction, new member acquisition, merchandising and technology innovation, along with business model expansion.
One Kings Lane surpassed $100 million in annualized revenues and added its two millionth member earlier this year.
Lee Fixel, managing director of Tiger Global, will join James Slavet, partner, Greylock and Bing Gordon, partner, KPCB, as observers on the One Kings Lane Board. Aileen Lee, partner, KPCB, One Kings Lane founders Susan Feldman and Alison Pincus, and CEO Doug Mack, will continue to serve as board members.