Gilt Groupe, a US-based members-only online retailer previously backed by telecommunications company Softbank, has raised $50m in a series F round led by venture capital firm General Atlantic, according to Recode.
Unnamed existing investors, as well as an undisclosed new strategic investor also participated in the round. The fresh funding will be used to increase marketing efforts and support international expansion.
Gilt has now raised more than $290m, including a $138m series E round in 2011 featuring Softbank, previous investors General Atlantic, TriplePoint Capital and Matrix Partners, and new investors Goldman Sachs, New Enterprise Associates, Draper Fisher Jurvetson Growth, Pinnacle Ventures and Eastward Capital.
Gilt was originally expected to file for an initial public offering towards the end of 2014, following its hiring of Goldman Sachs in February, but never went ahead with the IPO. The company reportedly did not want to undergo the public scrutiny associated with a flotation, due to its unprofitability.