CORRECTED-Online home decor retailer One Kings Lane nabs $112M in Series E funding round
(Corrects Insight Venture Partners to Institutional Venture Partners or IVP in fourth paragraph.)
San Francisco-based One Kings Lane has raised $112 million in its Series E funding round. This has pushed the online home decor retailer to become one of the venture-backed companies whose value hovers around the billion-dollar range, Reuters said in a report.
The report, citing a spokeswoman for the company, said that One Kings Lane's latest funding round puts its worth at $912 million.
According to Reuters, One Kings Lane's Series E round was led by New York investment firm Mousse Partners Ltd. Mousse's chairman, Charles Heilbronn, would join the home furnishings company's board.
Scripps Networks Interactive, Kleiner Perkins Caufield & Byers, Greylock Partners, Institutional Venture Partners and Tiger Global Management also joined the funding round, a profile by CrunchBase said.
One Kings Lane took it to microblogging site Twitter to say "TYSM!" (Thank you so much) to a venture capitalist, who on Thursday congratulated the home decor retailer for its fifth funding, Reuters said.
One Kings Lane is competing head-to-head with traditional furniture chains including Pottery Barn and Williams-Sonoma, the report said. It was founded in 2009 and has two other offices in New York and Los Angeles, CrunchBase said.
It now joins the ranks of other Silicon Valley businesses with a valuation of about $1 billion or more. This elite group includes cloud-based storage companies Box and Dropbox, online music platform Spotify and online food-delivery service Seamless, Reuters said.
But other venture-backed online retailers weren't as fortunate as One Kings Lane. Shoe, apparel and accessories retailer ShoeDazzle was sold to JustFab last year, while e-commerce company Fab laid off some 250 employees after its Web traffic declined and decided to revert back to standard retailing, the report said.
One Kings Lane last raised $50 million in its Series D funding round in December 2012. The home furnishings company raised a total of $225 million since its founding, CrunchBase said.