IVP Leads $50 Million Round In One Kings Lane
One Kings Lane (OKL) is an online home furnishing company that has raised $50 million in a round led by Institutional Venture Partners. The company has raised a total of around $117 million. HGTV operator Scripps Interactive also participated in this round along with current investors Kleiner Perkins, Greylock Partners, and Tiger Global Management. One Kings Lane is valued at higher than $440 million based on this last round. These investors will receive board observer status, but is not getting full board seats.
“We can run the company forever on this money,” stated OKL CEO Doug Mack. OKL is expected to hit over $200 million in sales this year. OKL currently has over 6 million members. One Kings Lane receives around 25% of their sales from mobile devices and they hit around 50% of their sales on mobile devices on Thanksgiving Day itself.
“A lot of people have come in and said, ‘Facebook advertising doesn’t work,'” added Mack. “We say, ‘You’re not doing it right.'”
[Source: SFGate]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry