US-based luxury online sales site 1stdibs has closed a $15m series C funding round from China-based e-commerce company Alibaba, according to Re/code.
Founded in 2001, 1stdibs’ aim is to bring the feel of the famous Paris Flea Market to an online site, and it sells extremely high-end luxury items such as art, antiques and collectables.
Previous investors in 1stdibs include venture capital firms Benchmark and Spark Capital, and investment firm Index Ventures. Micro VC firm SV Angel took part in 1stdibs’ seed round in 2012. The latest round brings 1stdibs’ funding to a total of $117m.
In 2011 David Rosenblatt, previously an executive at Google and the chief executive of internet advertising company DoubleClick, was appointed as CEO of 1stdibs. According to Rosenblatt, one third of the company’s sales are outside of the US.
The new investment will be used to further expand the business into global markets and accelerate its mobile efforts.