In November, gourmet food and wine discount site Lot18 closed a big $30 million round of financing.
It had been a while since we checked in with the startup, so we gave CEO and cofounder Philip James a call.
James tells us Lot18 is seeing a lot of mobile growth. It just launched an iPhone app a few days ago because 25% of all dollars being passed through the site were via mobile devices.
Lot18 has also launched internationally. It opened up shop in the UK five weeks ago. It acquired a Paris startup in December as its first move in Europe.
Not everything Lot18 has tried has worked. Like Gilt Groupe, it’s throwing a lot at the walls and seeing what sticks. It launched a Spirits vertical, for example, but the section was short lived and Lot18 had to let a few employees go.
Still, James says users and revenue continues to grow. While he wouldn’t give specific numbers, he says the company is seeing more than 100% YOY revenue growth.
Since it generated about $25 million last year, that suggests it will generate more than $50 million this year in total sales. Typically, sites like Lot18 net 35%.
Here’s what the new iPhone app looks like:
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