Round Includes Investments from Kleiner Perkins Caufield & Byers (KPCB), Greylock Partners, Tiger Global Management, and Scripps Networks Interactive
SAN FRANCISCO – December 11, 2012 — One Kings Lane (www.onekingslane.com), the leading new commerce company for the home, announced today that it has raised $50 million in Series D financing led by Institutional Venture Partners (IVP). The round also includes investments from Kleiner Perkins Caufield & Byers (KPCB), Greylock Partners, Tiger Global Management, and new investor, Scripps Networks Interactive Inc. (NYSE: SNI). This brings the total amount raised to $117 million, and will be used for continued investment in the business to deliver strong customer satisfaction, new member acquisition, superior merchandising and technology innovation, along with business model expansion.
“This substantial round of funding from the leading investors in Silicon Valley, and the leading developer of lifestyle-content for television and the Internet, is further validation of One Kings Lane’s strong business model,” said One Kings Lane CEO Doug Mack. “One Kings Lane has pioneered innovation in the new commerce space, and this additional funding will allow us to continue to deliver the best online shopping experience in the home market.”
“One Kings Lane has proven to be the leading new commerce company for the home, “ said General Partner Sandy Miller of IVP. “One Kings Lane truly understands the consumer, and delivers innovative shopping experiences and unique products that deliver tremendous value, which has allowed them to build an incredibly loyal customer base, and attract new customers.”
One Kings Lane is on track to achieve $200M in annualized revenues in 2012, with 25% of monthly revenues now stemming from mobile purchases. Mobile is a significant driver in One Kings Lane consumer behavior, as evidenced by 50% of traffic on Thanksgiving Day coming from mobile. The company launches up to three thousand new home products per day assembled around inspirational decorating themes to help its more than six million members create a more unique and beautiful home.
About One Kings Lane
One Kings Lane is the leading new commerce company for the home that brings members exceptional value on a spectacular collection of top-brand, vintage and designer items. One Kings Lane works directly with leading home brands, antique and vintage dealers and designers 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 Institutional Venture Partners (IVP)
With $4 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. Founded in 1980, IVP has invested in over 300 companies, 93 of which have gone public. IVP is one of the top performing firms in the industry and has a 32-year IRR of 43.2%. 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), Buddy Media (CRM), ComScore (SCOR), Concur Technologies (CNQR), Dropbox, Fleetmatics (FLTX), HomeAway (AWAY), Juniper Networks (JNPR), Kayak (KYAK), LegalZoom, LifeLock (LOCK), Marketo, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit https://www.ivp.com or follow IVP on Twitter: @ivp