In its final round of funding before going public, One Kings Lane has raised $50 million—its largest round of capital to date.
The new investment brings the company’s total raised to $117 million. With six million members, the company is on track to double last year's revenue with $200 million in sales this year.
Scripps Networks Interactive, which owns HGTV and other home-related sites and networks, joined the round as a new investor. One Kings Lane established a relationship with Scripps after running its first-ever TV ad campaign, 'Design is Never Done,' which kicked off earlier this winter. The company saw significant return on its investment in TV ads, which translated to new members and sales.
The new funds will be used for technology talent, mobile efforts, data tracking, marketing and merchandising, according to One Kings Lane CEO Doug Mack.
The company has grown to 350 employees, including four new management executives. It recently opened a 52,000 s.f. office in San Francisco in addition to existing offices in Los Angeles and New York.
Investors have indicated that One Kings Lane is cash-flow positive, and they expect the company to become profitable when it hits $400 million in annual revenue.