Optima International, a private US-based conglomerate, has used its affiliated corporate venturing and property unit to invest in an online discount coupon provider.
Optima Ventures has set up Optima E-Commerce to invest in Octagon Commerce, which now owns the 1SaleADay.com daily deal website and its subsidiaries with 1.5 million customers. News provider VentureBeat said Optima’s investment was worth more than $10m.
Ben Federman, founder and chief executive (CEO) of 1SaleADay, said: "1SaleADay.com has experienced phenomenal growth over the past year-gross revenue and profits have both tripled."
Uri Laber, CEO of Optima Ventures, added: "Current run rates peg the value of 1SaleADay to top $300m in the next one to two years. This investment should send that trajectory into the $700m to $800m range."
1SaleADay’s online deal sites, include:
Shadora.com for gold, silver, diamond and gemstone jewellery,
BensOutlet.com for electronics,
DynamiteTime.com for watches; and
GlassesUnlimited.com offering prescription glasses with designer frames.
Federman said he chose Optima over venture capitalists because: "The Optima team shares our commitment to investing in our customers by always having the lowest price online.
"Beyond that, Uri and I come from similar middle-class Milwaukee homes. We also share common values regarding philanthropy and giving back to our communities."