One Kings Lane announced today that it has raised $40 million in Series C financing led by new investor Tiger Global Management.
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. One Kings Lane has surpassed $100M in annualized revenues and is experiencing accelerated new member acquisition, adding its two-millionth member earlier this year.
“We are providing a fundamentally better way for home consumers to make purchase decisions and access superior products. We have been rewarded by our highly loyal members who come back each day for our carefully curated and unique merchandise, remarkable prices and exceptional service – which is ultimately fueling our rapid growth,” said CEO Doug Mack. “This new round of funding will enable us to extend our market leadership while continuing to deliver the best experience in ecommerce for the home décor consumer.”
“One Kings Lane has pioneered a new way to shop for the home and is at the forefront of a $158 billion industry,” said Lee Fixel, managing director of Tiger Global. “One Kings Lane has a unique understanding of the consumer in the home category, delivering a shopping experience they love while driving innovation in the category.”
Additional participants include new investor Institutional Venture Partners (IVP) along with existing investors Kleiner Perkins Caufield & Byers (KPCB) and Greylock Partners. Fixel 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 Mack, will continue to serve as Board members.