One Kings Lane, a US-based flash sales site for the home market, has raised $40m in Series C financing.
The round was led by new investor Tiger Global Management, with participation from new investor Institutional Venture Partners and existing investors Kleiner Perkins Caufield & Byers and Greylock Partners.
The company intends to use the funds, which brings the total amount raised to $67m, for new member acquisition, merchandising and technology innovation, and business model expansion.
In conjunction with the funding, Lee Fixel, managing director of Tiger Global, will join James Slavet, partner, Greylock and Bing Gordon, partner, KPCB, as observers on One Kings Lane’s 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.
One Kings Lane offers members access to designer home décor, furnishings, accessories, and gifts at discounted prices. It works directly with home brands and also partners with designers, decorators and industry insiders.
FinSMEs
19/09/2011