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One Kings Lane Lands $40M

According to new data from deal aggregator Yipit, nearly one-third of all U.S. daily-deal sites (170 out of 530) have shut down or been sold so far this year. The exception to the trend, One Kings Lane on Monday said it raised $40 million in a Series C round of funding led by new investor Tiger Global Management, along with Institutional Venture Partners, Kleiner Perkins Caufield & Byers and Greylock Partners.

One Kings Lane -- "One of my favorite home décor flash sale sites, writes Vator News' Faith Merino -- already raised a $23 million Series B round earlier this year. "With more than two million members, One Kings Lane is now exceeding $100 million in yearly revenues after experiencing an 'explosive 2010' in which annual sales jumped more than 500%, with 75% of those sales coming from repeat customers," according to Merino.

With success, however, comes more competition. This past March, Gilt Groupe acquired luxury home décor site Decorati, and soon after debuted Gilt Home -- a home goods branch offering steep discounts on everything from rugs and pillows to cookware and appliances.



Read the whole story at Vator News »

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