Asian ecommerce company G-market, a Korean online auction website, has led a $12m Series A round into US-based online start-up NoMoreRack, an online discount apparel retailer.
Ifty Ahmed, will now join NoMoreRack’s board on behalf of G-market. Ahmed said: “At a time when the overall economy is fragile and families across America are looking for a good deal from a trusted name, nomorerack brings an attractive value proposition that significantly disrupts the retail market. They enhance the business model of producers and manufacturer by bringing seamless and frictionless distribution while bringing deep value and convenience in an exciting, relevant and fun shopping experience on its website and mobile app.”
NoMoreRack has more than 4.5 million subscribers and its revenue is close to $80m according to news provider TechCrunch.
NoMoreRack was launched in 2010.