One Kings Lane Receives Funding From Kleiner Perkins Caufield & Byers
SAN FRANCISCO, Dec. 8 /PRNewswire/ — One Kings Lane, the largest and fastest growing e-commerce site dedicated to home furnishings, decor, accessories and gifts, announced today that it has completed a round of funding led by Kleiner Perkins Caufield & Byers. The round also includes funding from First Round Capital and angel investor Reid Hoffman.
“We have been so impressed by the steep growth of the business and the loyal community One Kings Lane has built in such a short period of time,” said Aileen Lee, partner, KPCB. “OKL’s cofounders are building a great brand by making inspirational design and merchandise accessible to all. We’re thrilled about OKL’s growth potential.”
One Kings Lane was started by two friends, Susan Feldman (a former fashion sales executive) and Alison Gelb Pincus (whose background is in digital media). Susan and Alison are both passionate home decor aficionados and had an insight that there was significant opportunity to bring the private sale model online in home furnishings and home decor. Since its launch in March 2009, One Kings Lane has quickly become the category leader. The members-only site hosts 72-hour sales Monday through Friday beginning at 8 a.m. PT. From furniture to flatware, linen to lamps, decorative accessories to art, they offer a diverse and curated assortment of high end designer merchandise at deeply discounted prices in limited quantities, obtained directly from designers.
“Kleiner Perkins is a great partner for us,” said Feldman. “Their leadership in understanding the future of online commerce is unparalleled and the guidance they provide us is extraordinary. We couldn’t be more pleased to have them as our partner.”
About One Kings Lane:
One Kings Lane (www.onekingslane.com) is the first online home-oriented private event destination open exclusively to members. Through 72-hour, brand- and theme-specific sales (at least two per day, five days a week, each beginning at 8 am PT/11 am ET), members have a defined time to access a limited quantity of hand-selected products at reduced prices. To become a member, visit www.onekingslane.com/join.
Special Holiday Promotion:
Just in time for the holiday shopping rush, log on to www.OneKingsLane.com daily and check out their sales events – you can stock up on gifts for the entire family without having to wait on long lines or spend a fortune because items are available for up to 70% off retail 365 days of the year. One Kings Lane is additionally offering a special solution when it comes to gift-giving – they are the FIRST private sale site to introduce e-gift cards, which offer instant gratification to giver and giftee alike. The giver can choose the amount, enter the recipient’s email address and a personalized message, click send, and the recipient can start shopping the very next business day.
SOURCE One Kings Lane