Flash sale site One Kings Lane, which keeps UnBeige HQ stocked with substantially discounted scented candles, Jack Lenor Larsen-designed rugs, and unreasonably plush towels, has raised $40 million in a third funding round led by new investor Tiger Global Management. Joining the New York-based hedge fund were Institutional Venture Partners and existing investors Kleiner Perkins Caufield & Byers and Greylock Partners.
Founded in 2009 by Susan Feldman and Alison Pincus (who last year brought on Adobe veteran Doug Mack as CEO), One Kings Lane offers furniture, decor, art, and lifestyle products in the member’s only, limited-time e-commerce model pioneered by Vente Privee and first imported stateside by Gilt Groupe. It has courted design junkies with formerly to-the-trade-only brands and “Tastemaker Tag Sales” featuring one-of-a-kind finds selected by interior designers such as Martyn Lawrence Bullard (whose shopping excursion for the site was chronicled on Bravo’s Million Dollar Decorators) and recently debuted the first in a series of such sales in partnership with Traditional Home. One Kings Lane has raised $67 million to date, is on track to top $100 million in sales this year, and recently signed up its two-millionth member. According to a press release issued by the company, the new pile of cash will be used for “continued investment in the business to deliver strong customer satisfaction, new member acquisition, merchandising and technology innovation, along with business model expansion” (read: new cashmere throws for everyone!).