Gilt Groupe, the private-sales e-commerce site that has inspired a slew of lookalikes, has raised $35 million in additional financing, the company confirms.The money is an extension of its last round of funding that it completed with General Atlantic and Matrix, “at a higher valuation,” a Gilt spokesperson tells us.
We’d estimate the new valuation would be at least $500 million and probably more.
Gilt will use the money to move into new business areas, we understand, which could potentially include competing with Chicago-based Groupon in the fast-growing local deals market.
Gilt raised around $40 million at a roughly $400 million valuation last summer.
The company is on track to reach as much as $400 million to $500 million in revenue this year, up from $170 million last year, according to a recent WSJ article.
Disclosure: Gilt cofounder and chairman Kevin Ryan is also cofounder and chairman of Business Insider.
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