NoMoreRack Raises $12 Million In Series A
NoMoreRack is a New York based flash sales website. The company offers everyday products at reduced prices. For example, they offer around 70-80% off everything from consumer electronics and clothing.
NoMoreRack has hit around 4.5 million subscribers and they are selling around 8,000 items per day. They did around $46 million in revenue during the first two quarters. NoMoreRack is receiving around 7 million visitors per month and has around 5.8 million subscribers now. They are selling an average of 40,000 items per day and their revenue is now close to around $80 million.
NoMoreRack has announced $12 million in Series A in a round led by Asian e-commerce company G-Market. Oak Investment Partners’ Ifty Ahmed joined NoMoreRack’s board of directors. NoMoreRack founder Melina Ash said that the company is planning to add its staff of 30 and they will continue to scale operations.
NoMoreRack offers around 9 big deals every day and they place the discounted items to users at the top of their website. The company used to focus on just products, but they have recently extended to events.
As businesses grow, they tend to face growing pains. In late October, Nordstrom filed a lawsuit against NoMoreRack.com. Nordstrom owns around 110 “The Rack” stores and they have the trademarks for “Rack” and “The Rack.”