Wayfair raises $157 million
Home & Textiles Today Staff -- Home Textiles Today, March 7, 2014
Boston – Wayfair, one of the largest online retailers of home furnishings and décor, said it has raised $157 million in equity financing.
"Wayfair is heading into 2014 with tremendous momentum and growth as more and more shoppers opt for one of our exceptional ecommerce shopping experiences," said Niraj Shah, ceo and co-founder of Wayfair.
The Series B investment round, led by funds and accounts managed by T. Rowe Price Associates, encompassed a limited number of key investors, including mutual funds as well as a private investment from Julie M.B. Bradley, TripAdvisor CFO and Wayfair board member.
Wayfair founders “have built a pure play ecommerce business over the last 12 years that we believe has the ingredients to be a much larger company. We are honored to be partners with them," said Henry Ellenbogen, portfolio manager for T. Rowe Price's New Horizons Fund.
"This investment further solidifies an already strong balance sheet for Wayfair," added Michael Fleisher, cfo of Wayfair.
Wayfair reported an annual growth rate of 55% in 2013 to end the year with $915 million in revenue. The company's portfolio of home brands – including Wayfair.com, Joss & Main, AllModern and DwellStudio – experienced significant growth throughout 2013 capped off by strong holiday sales in the fourth quarter.
In other Wayfair news, the company reportedly is taking more office space at Copley Place in the Back Bay. The company signed a deal for an additional 170,000 square feet of office space.