General Atlantic and Matrix Partners Invests $43 Million Into Gilt Groupe
Gilt Groupe Inc. announced that the company has raised $43 million from General Atlantic and Matrix Partners. General Atlantic led the round of funding. Matrix Partners raised the Series A and B rounds.
Gilt Groupe launched the website Gilt.com in November 2007. Gilt.com sells luxury and designer goods at members-only prices. Since launching, the company quintupled membership in the last year. There are about 1.3 million registered members in the U.S. There are over 200,000 on their 5 month old Japanese website.
“We couldn’t be happier that General Atlantic has chosen to invest in Gilt Groupe, and look forward to working with Anton Levy and the GA team,” stated Gilt Groupe CEO Susan Lyne. “The company’s impressive track record and investment philosophy make them ideal partners and a valuable resource as we execute on our aggressive growth plan.”
The company plans to launch a service called Gilt Fuse, which focuses on fashion for younger members. Gilt also plans to launch a travel website called jetsetter.com.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry