Round Includes Investments from Institutional Venture Partners, Greylock Partners and Kleiner Perkins Caufield & Byers
SAN FRANCISCO – Sept. 19, 2011 – One Kings Lane (www.onekingslane.com), the leading flash sales site in the home market, announced today that it has raised $40 million in Series C financing led by 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. 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.
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 has surpassed $100M in annualized revenues and is experiencing accelerated new member acquisition, adding its two millionth member earlier this year.
“We are providing a fundamentally better way for home consumers to make purchase decisions and access superior products. We have been rewarded by our highly loyal members who come back each day for our carefully curated and unique merchandise, remarkable prices and exceptional service – which is ultimately fueling our rapid growth,” said Mack. “This new round of funding will enable us to extend our market leadership while continuing to deliver the best experience in ecommerce for the home decor consumer.”
“One Kings Lane has pioneered a new way to shop for the home and is at the forefront of a $158 billion industry,” said Fixel. “One Kings Lane has a unique understanding of the consumer in the home category, delivering a shopping experience they love while driving innovation in the category.”
About One Kings Lane
One Kings Lane is the leading flash sales site for the home market, offering members access to spectacular designer home décor, furnishings, accessories, and gifts – at prices up to 70% off retail. One Kings Lane works directly with leading home brands to bring the very best products at exceptional prices to its members — every day of the week. One Kings Lane also partners with top designers, decorators and industry insiders to deliver content that inspires, enlightens and informs. Please visit www.onekingslane.com for more information.
About Tiger Global Management
Tiger Global Management, LLC is an investment firm that deploys capital globally through its private investment and hedge fund partnerships. The Firms private investment funds have ten-year investment horizons and focus on growth-oriented private companies in the global Internet and technology sectors. Tiger Global’s private investments include Yandex, Mail.ru Group, Ctrip, New Oriental, 360buy, Flipkart, Makemytrip, Netshoes, Despegar, MercadoLibre, Trendyol, Facebook, Square, and Linkedin. The firm’s fundamentally-oriented hedge funds invest primarily in public equities with an emphasis on long-term trends in the global technology, telecom, media, and consumer sectors. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Beijing and Singapore.
About Greylock Partners
Greylock has partnered with game-changing entrepreneurs to build market-transforming companies since 1965. As founders, operators and investors, we strive to be the best partners for entrepreneurs building disruptive consumer and enterprise software companies. More than 100 partner companies have gone public and more than 100 have achieved successful mergers/acquisitions, including Constant Contact, Data Domain, DoubleClick, LinkedIn, Pandora, Red Hat, Success Factors, and Zipcar. We continue to invest in companies that define new markets, including Airbnb, Apptio, Cloudera, Facebook, Groupon, Imperva, One Kings Lane, Palo Alto Networks, and Workday. For more information about Greylock Partners, visit our Web site (www.greylock.com) or blog (www.greylockvc.com) or follow us on Facebook (https://www.facebook.com/greylock) or Twitter (@GreylockVC).
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing technology and media companies. Founded in 1980, IVP has invested in over 300 companies, 88 of which have gone public. IVP has a 30 year IRR of 43.2% and is one of the top performing firms in the industry. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Aspect Communications, ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), HomeAway (AWAY), Juniper Networks (JNPR), Kayak, LegalZoom, LivingSocial, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter and Zynga. For more information, visit https://www.ivp.com or follow IVP on Twitter at @ivp.
About Kleiner Perkins Caufield & Byers
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign, and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.