Ideeli’s new funding fuels its growth in a competitive market
In its few short years of existence, flash sale site Ideeli has already amassed almost $70 million in funding, including a new injection of $41 million in Series C funding from Next World Capital with Cue Ball Capital, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partner, reported TechCrunch.
Ideeli works like a typical flash sale site, offering huge discounts on items for a limited time. Its more than 4 million members can enjoy 50 to 80 percent off clothing and accessories for men, women and children – but only for a few days. All sales are private – you must be a member to buy – and users can find out all the latest sales through email alerts.
The company has plans for growth in the works, intending to offer travel deals along the same lines as Gilt Groupe’s Gilt City deals. The recent funding will go toward category expansions, partnerships, technology enhancements, marketing campaigns, attracting talent and enhancing the Ideeli member experience.
Flash sale sites seem to be cropping up all over, due to their popularity with consumers: A number of big ventures have recently jumped in. Face it, these sites offer some pretty good deals. Leading the charge is Gilt Groupe, which has been growing its financing and its user base at a quick rate – and its profits at the same time. The company now boasts around $100 million in funding and could be eyeing an IPO. It is already valued at $400 million.
Other companies of note include One Kings Lane, a flash sale site for home accessories and furniture, and HauteLook, which was recently purchased by Nordstrom for $270 million.
LadyLUX has been hot on the trail of the growth of flash sale websites. Check out our past coverage of these sale sites for more info: Ebay to purchase GSI Commerce for $2.4B; Nordstrom acquires private sale site HauteLook; and HauteLook unveils new footwear site.
Check out Ideeli at its website, www.ideeli.com.