Discounts Website One Kings Lane Raises $40 Million
Flash-sale website One Kings Lane has raised $40 million from venture-capital and private-equity firms led by Tiger Global Management, the latest sign of growth for an online-shopping genre that is upending traditional fashion and home retailers.
The investment round values two-year-old One Kings Lane at $440 million, said Chief Executive Doug Mack. The San Francisco start-up, which is unprofitable, is on track to bring in more than $100 million in revenue this year, he said.
One Kings Lane sends its more than two million subscribers emails and other notifications offering discounts of about 50 percent on designer furniture and other home goods. The discounts are available on the site for just 72 hours. Unlike traditional e-commerce sites that serve shoppers on the hunt for something, flash sites appeal to serendipity.
