nomorerack Raises $40 Million In Series B
nomorerack is an online shopping service that sells quality brand names and trendy clothes, accessories, fashion, electronics, and outerwear. nomorerack has raised $40 million in Series B funding led by Oak Investment Partners and HTV Industries. HTV CEO Dan Harrington is joining the board of directors at nomorerack. nomorerack will be using the funding to expand their sales and marketing to drive additional customer acquisition and growth. nomorerack’s sales have grown over 300% with new features and a mobile website. Around 70% of revenues earned were from repeat customers.
“I’m convinced that we have a real opportunity to change the way Americans shop,” stated Deepak Agarwal, nomorerack founder and CEO. “Consumers have shown incredible enthusiasm to buy everyday products at deep value online, and this new investment will enable us to capitalize on this market opportunity.”
Founded in November 2010, nomorerack has hit 14 million users and has sold 13.5 million items. They currently sell an item on an average of every 3 seconds, which means over 30,000 items per day. Very impressive!