Later stage venture capital and growth equity firm, Institutional Ventures Partners, has led a $50m Series D round into e-commerce company One Kings Lane. There was also involvement from venture capital firms Kleiner Perkins Caufield & Byers, Greylock Partners, hedge fund Tiger Global Management and US-based media company Scripps Networks Interactive.
One Kings Lane has more than 6 million members and expects to hit $200m in annualized revenue for 2012. To date the company has raised $117m.
Doug Mack, chief executive of One Kings Lane, said: “this additional funding will allow us to continue to deliver the best online shopping experience in the home market.”
The new funds will be used for technology innovation and to expand their business model with additional brand building efforts and partnerships.