Bed Bath & Beyond paid less than $30 million for One Kings Lane, a startup that was once worth $900 million

One King’s LaneOne Kings Lane founder Alison Pincus.

At its peak, One Kings Lane was worth $900 million, nearly a member of the exclusive billion-dollar startup club. But when it was bought by Bed Bath & Beyond in June, it sold for about 3% of its peak valuation.

According to a new report from Recode’s Jason Del Rey, the home goods website was sold for “less than $30 million.”

At the time of the acquisition, Bed Bath & Beyond declined to disclose the sale price, saying only that the purchase price was “not material.”

One Kings Lane was at one point a fast-growing flash-sale site for home goods that raised more than $225 million in venture capital. The site came of age during the Gilt Groupe era, where flash sales were hugely popular, and One Kings Lane once had more than a $900 million valuation. But flash sale sites fell out of favour after about 2010, and Gilt Groupe, Fab and now One Kings Lane sold for far less than their billion-dollar valuations.

NOW WATCH: Millions of people are obsessed with this app that turns you into a work of art

NOW WATCH: Tech Insider videos

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.