One Kings Lane Secures $40M in Financing
SAN FRANCISCO-Flash sale site One Kings Lane has raised $40 million in Series C financing led by new investor, Tiger Global Management.
Additional participants include new investor Institutional Venture Partners along with existing investors Kleiner Perkins Caufield & Byers 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," the company said in a statement.
"We are providing a fundamentally better way for home consumers to make purchase decisions and access superior products," Mack said. "This new round of funding will enable us to extend our market leadership while continuing to deliver the best experience in e-commerce for the home decor consumer."
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.