ideeli Online Luxury Shopping Community Secures $3.8 Million in Funding
Major Investors Include Kodiak Ventures
Company Also Unveils New Multiplatform Destination, Blending Exclusive
Sales And Luxury Product Giveaways
NEW YORK, Dec. 17 /PRNewswire/ -- ideeli.com, www.ideeli.com, the first red-rope online shopping community that connects luxury brands with the consumers who covet them -- via computer, email or cell phone -- announced today that it has secured $3.8 million in Series A funding from Kodiak Ventures and angel investors. ideeli offers a curated selection of in-style luxury accessories at 50 to 90 percent off, plus weekly giveaways, to their affluent membership base. By combining pre-sale editorial coverage, last-minute alerts of sale starts, an innovative mobile platform and a variety of community features, ideeli creates a fun and social way for members to shop. This environment drives a high level of anticipation and engagement, which provides ideeli's luxury and fashion partners with an opportunity to tell a more detailed story about their products and brands. "ideeli's multiplatform shopping experience provides more than just an opportunity to get luxury goods at great values -- it's engaging and fun," says ideeli founder and CEO Paul Hurley. "Our members tell us that they lunge for their mobile phones when they receive ideeli alerts to make sure they don't miss a giveaway or the start of a sale. We've been able to translate member excitement into a deeper connection with established and up-and-coming brands." ideeli works in concert with a growing list of the world's top luxury brands. Brands view ideeli as a way to drive demand in their retail channel for current season items. Brands also sell past-season merchandise via ideeli to not only have a safe, discreet place to clear excess inventory, but also to turn that inventory into highly effective integrated advertising. Many luxury brand partners have recognized the company's innovative and immersive approach and are utilizing ideeli's innovative take on Web 2.0 as one of their first social media efforts. "The demand for luxury products online is large and growing rapidly. The challenge for many brands is to find online partners who can protect and enhance their high-end reputation," said Chip Meakem of Kodiak Ventures. "Luxury brand gatekeepers have been looking for the right ways to leverage Web 2.0 tools to build their brands while continuing to increase revenue, and we think ideeli has come up with a winning solution. "Since its soft launch in May, the company's enthusiastic membership has driven rapid viral growth, aided by the fact that 75 percent of first-time visitors become members. Now, with an expanded roster of brand partners and the successful completion of their financing, the company plans to greatly expand membership in the coming months. About ideeli ideeli, Inc. was founded in 2006 by Paul Hurley, a serial entrepreneur who wanted to create a shopping community that would usher luxury brands into Web 2.0 and connect them with a desirable consumer audience. The company is based in New York. The executive team is comprised of seasoned Internet and Fashion leaders from companies like Oracle, Aveo, Gloss.com, DoubleClick, Ralph Lauren and Gucci. ideeli is backed by Kodiak Venture Partners and prominent angel investors.
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