ideeli Fuels Hyper-Growth With $41 Million Series C
- Participants include Next World Capital and Cue Ball Capital -
NEW YORK, April 28, 2011 /PRNewswire/ -- ideeli, Inc. (www.ideeli.com), the leading U.S. members-only flash sale retail company in the mass-affluent segment, today announced the completion of its Series C financing of $41 million. Led by Next World Capital, the equity will be used to support ideeli's continued rapid growth and brand expansion. Additional investors include Cue Ball Capital and current shareholders, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partners.
With over 4 million members, ideeli is the fastest-growing members-only online shopping company in the United States and has emerged as the leader in the highly desirable mass-affluent market. "We are thrilled to welcome Next World and Cue Ball to our team," said Paul Hurley, CEO and founder of ideeli. "Their respective deep expertise in retail and media is essential for our next stage of growth."
Next World's managing partner and founder, Sebastien Lepinard, who joins ideeli's board of directors, has nearly two decades in high-growth retail, e-commerce operations and financial management. Previously, Lepinard was a director of the Halley Group, the lead investor in the world's second largest retailer, Carrefour. Cue Ball's leadership team has driven transformations in the digital media, information services, and specialty consumer spaces, and includes the CEO and senior leadership that transformed Thomson into the world's largest information media company, Thomson Reuters. The team brings extensive experience as founders, operators and investors in high growth, Internet and consumer businesses.
"ideeli has built an organization with strong values and processes that satisfy brand partners while growing sales at a very impressive rate; an incredible accomplishment" said Mr. Lepinard. "Having longstanding experience in mass-retailing, we fully appreciate the power of ideeli's value proposition to consumers: appealing products in a dynamic online environment while offering great value".
The financing will enable ideeli to support its phenomenal growth trajectory through a variety of new initiatives, including category expansions, partnerships, technology enhancements, marketing campaigns, attracting key talent and enhancing the ideeli member experience.
"ideeli is exactly the type of business we like to invest in and support," said Tony Tjan, Managing Partner, Cue Ball. "Their sound business model is characterized by deep customer loyalty and tremendous market reach. We are proud to be an investor and are excited to be working with Paul Hurley and his extraordinary team."
"StarVest's continued investment underscores our commitment to ideeli as they plan for this exciting next chapter," added Laura Sachar, General Partner, StarVest Partners.
ideeli is a leading online retail site dedicated to delivering a unique, exciting daily shopping experience with a curated selection of offerings across the apparel, accessories, home, shoes, kids, travel and lifestyle categories. Each limited-time sale event offers privileged prices on the best brands and experiences. Most sale events start at noon ET and last only 40 hours. Launched in 2007 and headquartered in the Soho neighborhood of New York City, the company now has over 4 million members across the United States. For more information visit: www.ideeli.com.
About Next World Capital
Next World Capital (NWC) is an international venture capital and growth equity firm that invests in leading consumer internet and enterprise software companies. NWC invests globally out of a large evergreen capital base, and takes a long-term view to creating sustainable value. The firm brings strategic insight and deep capital resources to help its portfolio companies grow into market leaders. NWC has a longstanding, strong heritage in Europe and utilizes its acumen and networks in both the U.S. and European markets to build value. NWC has offices in San Francisco, CA and Brussels, Belgium. For more information visit: www.nextworldcap.com.
About Cue Ball
Cue Ball is a Boston-based venture and early growth equity firm focused on information services, internet commerce, digital media, and specialty consumer businesses. The Partnership consists of the leaders previously behind transformations in those spaces, including the Founders of the internet services firm ZEFER, the CEO and senior leadership that transformed Thomson into the world's largest information media company, Thomson Reuters, and the lead investors behind Chipotle and Redbox. In line with the firm's emphasis on human capital, Cue Ball's investor base is The Cue Ball Collective, a brain trust of leading industry entrepreneurs, executives and thought-leaders. Cue Ball's portfolio includes: Stylesight, 1-800 Dentist, Knovel, Shape Up The Nation, MiniLuxe, and PlanetTran. For more information visit: www.cueball.com.
About StarVest Partners
StarVest Partners is a New York-based venture capital firm with $400 million under management that is funding technology-enabled business services companies throughout the United States. The firm's value-added partnership maintains a laser focus on five key emerging technology and services sectors: Software as a Service (SaaS), Internet Marketing Services, eCommerce Services, Data Aggregation Services and Identity and Security Management. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. The firm's general partners are Deborah A. Farrington, Laura B. Sachar, Jeanne M. Sullivan and Larry A. Bettino. For more information visit: www.starvestpartners.com
About Constellation Growth Capital
Constellation Growth Capital is a growth equity investor in the convergence of media, communications and technology. Established in 1998 by Clifford Friedman, Constellation has raised three funds with total investment assets of over $650 million. Constellation is a division of Highbridge Principal Strategies, a division of Highbridge Capital Management. Together with its affiliates, Highbridge manages approximately $25 billion. Highbridge is an alternative investment management firm owned by JPMorgan Asset Management. For more information visit www.constellationventures.com.
About Kodiak Venture Partners
Kodiak Venture Partners is an early stage venture capital firm that thrives on forming breakthrough market leading companies with talented teams and world class entrepreneurs. Founded in late 1999, Kodiak manages three main funds totaling $681M and targets companies in Eastern North America, focusing efforts in Boston, New York and Eastern Canada. The firm's investment approach is to work as a close partner with strong entrepreneurs in all aspects of the company's formation and growth. We view ourselves as an extension to the teams we work with. For more information visit: www.kodiakvp.com.
SOURCE ideeli, Inc.
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