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Gilt Groupe raises $35 Million in new VC funding
By siliconindia
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New York: Gilt Groupe, a New York-based online luxury retailer, has raised $35 million in new venture capital (VC) funding round. According to the company, the additional $35 million is an extention of the last round of funding Gilt Groupe completed with General Atlantic and Matrix, at a higher valuation.
The company previously raised around $48 million from General Atlantic and Matrix Partners. And no new board members are listed in the filing. Founded in 2007, Gilt Groupe claims that it has rapidly established itself as one of the leading online retailers in the U.S. Gilt curates a broad range of daily sales in the areas of women's fashion and accessories, men's apparel and lifestyle, home, children and travel, to serve to its exclusive, invitation-only membership. Gilt serves more than two million members.
Also, Gilt Groupe has announced that it is expanding its offerings for Gilt Home. Now the site will provide its members with an average of 15 sales per week from more than 200 brands. Product categories now will include indoor and outdoor furniture, rugs, lighting, decorative accessories, tabletop, bedding, gourmet food, custom curated art events, housewares and electronics. In addition to this wide array of product offering, Gilt Home will now also feature unique editorial copy as well as original interviews with home and product designers regularly appearing on the Gilt blog. Gilt also recently announced expansion into Japan, and late last year launched a travel sales business called Jetsetter. Jyothi Rao, who is General Manager, Women's in the company has brought in to Gilt Groupe experience in the retail sector with a focus on merchandising.
According to the company, brands being featured on Gilt Home category expansion include Andrew Martin, angela adams, Cuisinart, DayNa Decker, John Robshaw, Kim Seybert, Kyocera, Ligne Roset, Menu, Missoni Home, Loll, Rock & Republic pets and Voluspa candles. "Our member is a sophisticated individual who looks for luxury in every aspect of his or her life, including their home," says Stefan Pepe, General Manager of Gilt Home. "What we are doing now is offering that member a curated selection of products in a wide variety of categories for the home each day. Our goal is to give our members stylish products that can be used to furnish every room.