One Kings Lane Receives $23M from Investors
Posted on February 15, 2011 by
SAN FRANCISCO-One Kings Lane, the private online shopping destination for home decor, furnishings and accessories, has raised $23 million in Series B financing, co-led by existing investor Kleiner Perkins Caufield & Byers and new investor Greylock Partners. Additional participants include existing investors First Round Capital and Reid Hoffman, as well as new investors TriplePoint Capital and Marissa Mayer.
The new capital will be used to accelerate growth of One Kings Lane's membership base, providing additional resources for merchandising, technology, and creative innovation and to drive continued strong customer satisfaction, the company said in a statement. Sales have increased exponentially year over year, according to the company.
"One Kings Lane is truly reinventing how consumers find and purchase distinctive home products, building a new model where curation is king," said Doug Mack, chief executive officer of One Kings Lane. "This new round of funding - led by two of the best tech investment firms - is tremendous validation of our company, and also provides us the fuel to continue to expand One Kings Lane and break new ground in retail and e-commerce."
In addition, James Slavet, partner, Greylock, will join Bing Gordon, partner, KPCB, as an observer to 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.
"One Kings Lane is at the forefront of a new wave of e-commerce" said Slavet. "They're delivering a shopping experience that is curated and exciting, and are becoming a daily hunting ritual for shoppers. One Kings Lane is rapidly emerging as a defining brand in the $150 billion home decor market."