Flash sales powerhouse Gilt Groupe is preparing to raise up to $138 million from investors, according to a state filing provided to PEHub by research firm VC Experts.We reported back in February that Gilt Groupe was raising $80-100 million at a valuation around a billion dollars. We assume this is the same round.
Since then the funding environment for late-stage startups has only gotten hotter, so it would make sense that Gilt is raising more money, perhaps at an ever higher valuation.
That being said, the space has also become more competitive. Vente Privée, the original and biggest flash sales player, is poised to invade America, and Amazon just launched Myhabit, its own Gilt/VP rival. That money could come in handy.
Disclosure: Business Insider and Gilt Groupe share co-founders; Gilt Groupe CEO Kevin Ryan is Business Insider’s chairman.