Flash sales site ideeli announced today that it raised $41 million in a series C round of funding.According to Crunchbase, it had previously only raised $23.8 million in funding today, so this is quite the infusion of cash.
It says it will use the money for growth by attacking new categories, and hiring new employees.
The round was led by Next World Capital, with Cue Ball Capital, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partners all participating.
Here’s the full release on the funding news:
NEW YORK, N.Y. (April 28, 2011) â€” ideeli, Inc. (www.ideeli.com), the leading U.S. members only flash sale retail company in the mass-affluent segment, today announced the completion of its Series C financing of $41 million. Led by Next World Capital, the equity will be used to support ideeli’s continued rapid growth and brand expansion. Additional investors include Cue Ball Capital and current shareholders, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partners.
With over 4 million members, ideeli is the fastest-growing members-only online shopping company in the United States and has emerged as the leader in the highly desirable massaffluent market. “We are thrilled to welcome Next World and Cue Ball to our team,” said Paul Hurley, CEO and founder of ideeli. “Their respective deep expertise in retail and media is essential for our next stage of growth.”
Next World’s managing partner and founder, Sebastien Lepinard, who joins ideeli’s board of directors, has nearly two decades in high-growth retail, e-commerce operations and financial management. Previously, Lepinard was a director of the Halley Group, the lead investor in the world’s second largest retailer, Carrefour. Cue Ball’s leadership team has driven transformations in the digital media, information services, and specialty consumer spaces, and includes the CEO and senior leadership that transformed Thomson into the world’s largest information media company, Thomson Reuters. The team brings extensive experience as founders, operators and investors in high growth, Internet and consumer businesses.
“ideeli has built an organisation with strong values and processes that satisfy brand partners while growing sales at a very impressive rate; an incredible accomplishment” said Mr. Lepinard. “Having longstanding experience in mass-retailing, we fully appreciate the power of ideeli’s value proposition to consumers: appealing products in a dynamic online environment while offering great value”.
The financing will enable ideeli to support its phenomenal growth trajectory through a variety of new initiatives, including category expansions, partnerships, technology enhancements, marketing campaigns, attracting key talent and enhancing the ideeli member experience.
“ideeli is exactly the type of business we like to invest in and support,” said Tony Tjan, Managing Partner, Cue Ball. “Their sound business model is characterised by deep customer loyalty and tremendous market reach. We are proud to be an investor and are excited to be working with Paul Hurley and his extraordinary team.”
“StarVest’s continued investment underscores our commitment to ideeli as they plan for this exciting next chapter,” added Laura Sachar, General Partner, StarVest Partners.