Ecommerce company Gilt Groupe, is in the process of raising $80 million -$100 million at a $1 billion valuation, sources tell Business Insider. The news comes on the heels of rival HauteLook's $270
million sale to Nordstrom last week. To date, Gilt has already raised more than $80 million of capital in several rounds from Matrix General Atlantic, and others. Notes Business Insider: "Gilt booked
about $270 million in revenue in the fiscal year ending June 2010, and its revenue should approach $500 million this fiscal year."
The valuation for this latest financing will be about
2-times revenue, which BI says is similar to the price Nordstrom paid for HauteLook. Why raise more capital now? One rumor, cited by BI is that Gilt was stuck with a hefty chunk of unsold inventory
last year.
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