Karmaloop.com Shows 81% Growth for 2011, with Revenues Topping $130 Million
World’s #1 Online Streetwear Retailer shows no sign of slowing down
(Boston, MA. January 11, 2012) Karmaloop.com today announced an estimated 2011 revenue number of $130 million – up 81% from its 2010 revenues of $72 million. This is the 11th straight year of double-digit percentage growth for the privately-held, Boston-based company. The company also released a list of highlights and milestones achieved in 2011 [see below].
“We’re thrilled to report another record year for Karmaloop,” said Karmaloop.com Founder and CEO Greg Selkoe. “We work hard to give our customers the brands and styles they want to buy, as well as the relevant and dynamic online video content that they demand. We remain as connected as ever to our audience through multiple channels and platforms, especially via social media. This close relationship allows us to be responsive to, as well as greatly influenced by, our customers.”
Selkoe continued, “Karmaloop is more than just a retailer; it is a community of style, a media property, and the epicenter of Verge Culture. With all the amazing content on Karmaloop TV, our great Men’s and Women’s blogs, our exclusives and contests, and many other initiatives we go the extra mile to connect. And it continues to pay off.”
As customers and industry insiders know, Selkoe lists his personal cell phone, email address and Twitter handle at the end of each of his frequent personal notes to the company’s email list (as well as on the company’s website). Karmaloop’s growing customer base (in the millions, in over 40 countries) can always go right to the top, if necessary. He encourages them to get in touch if they have ideas, issues, or just want to shoot the breeze. And it’s not an empty gesture – he responds to over a thousand customers a month via these personal avenues of communication.
Featured in national publications including USA Today, WWD and Internet Retailer in December 2011 pertaining to its status as a leading online retailer, Karmaloop.com was particularly explosive when it counted most: Black Friday and Cyber Monday 2011. On both days (Friday, November 25 and Monday, November 28) – the two biggest in the company’s 11-year history – Karmaloop reported growth of more than 125% from the corresponding days in 2010: a truly impressive feat for an already-thriving retail juggernaut.
Karmaloop is currently ranked #180 on Internet Retailer’s “Top 500” list of e-commerce retailers in the US. Karmaloop is projecting 60% growth in 2012, as well as the launch of several new projects and sites.
PLNDR.com, Karmaloop’s men’s and women’s flash sale website, finished 2011 with $16.5 million dollars in revenue, bringing their revenue total to $20 million since the site launched in Q2 of 2010.
KARMALOOP.COM HOLIDAY 2011 HIGHLIGHTED STATISTICS / FACTS:
- Holiday 2011 featured the five highest traffic days in Karmaloop’s 11-year history: Nov 25, Nov 28, Dec 11, 12 and 13.
- Black Friday and Cyber Monday 2011 showed 180% year-over-year lift in organic search revenue
- KARMALOOP.COM CYBER MONDAY (November 28, 2011)
o $1.8 million revenue (24 hours)
o 126% revenue increase over Black Friday 2010
o Biggest revenue day in Karmaloop.com company history
o 104% lift in revenue for the “Black Friday/Cyber Monday week” (Tuesday Nov 22 to Monday Nov 28)
- KARMALOOP.COM BLACK FRIDAY (November 25, 2011)
o $1.5 million revenue (24 hours)
o 129% revenue increase over Black Friday 2010
o Second-biggest revenue day in Karmaloop.com company history
o 35% lift over 2010 black Friday conversion rate
o 39% lift over 2010 black Friday traffic
In addition to all the exciting Karmaloop.com activity, sister company Karmaloop TV also saw huge growth in 2011. Views on the site’s properties grew a staggering 845% over 2010, capping off 2011 with over 69 million video views.
Continuing to expand its original programming throughout the year, Karmaloop TV kept viewers coming back with consistently-updated channels like Antenna Cam, Here Comes the Neighborhood, FludWay TV, By Any Means, Derrick G and Illusive Media; as well as more original programming on popular Karmaloop TV-produced shows: The Daily Loop, Buyer Wire, Behind the Brand and A Day in the Life.
Karmaloop TV also made a powerful and eye-opening push into the world of longer-form channel programing in 2011, hiring world-renowned musician and entrepreneur Pharrell Williams as the network’s Creative Director. Williams joined Karmaloop TV president Katie McEnroe, who came on-board in 2010 after successes as president of networks including AMC and WE tv.
Karmaloop TV enters 2012 with huge momentum, including just-awarded status as one of YouTube’s coveted Premium Channels. Karmaloop TV will bring to light new ideas and plans to use its powerful platform and already-dedicated, millions-strong audience to give young people the programming they have been demanding for years. Stay tuned for more exciting news in the coming months.
KARMALOOP AND KARMALOOP TV 2011 HIGHLIGHTS:
- JANUARY – Karmaloop TV is the exclusive media sponsor of the Agenda New York fashion tradeshow.
- JANUARY – Karmaloop is a media partner for the Def Jam Cipher Sessions in New York City.
- FEBRUARY – Karmaloop is the exclusive media sponsor of the Slate fashion tradeshow in Las Vegas.
- MARCH – Karmaloop creates the official tour shirt for the Fool’s Gold “Magic 8 Ball” tour, with DJ A-Trak.
- MARCH – Karmaloop TV participated as a media sponsor multiple times at the SXSW music conference in Austin, with activations including: Style Lab, Alternative Apparel and Vibe House.
- MARCH – Karmaloop sponsors Boston’s Together Music Festival.
- MARCH – Karmaloop TV’s Lil’ Internet produces and films the “Que Que” music video by Diplo and Dillon Francis featuring vocalist Maluca, in Karmaloop TV’s New York City studio. The video debuts on KarmaloopTV.com and goes on to spread worldwide to considerable acclaim.
- APRIL – Karmaloop TV is a media partner for Grey Goose’s “Rising Icons” program.
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- MAY – Pharrell Williams is named Creative Director of Karmaloop TV. Karmaloop CEO Greg Selkoe and Williams appear in interviews on CNBC and Bloomberg Television, discussing cable’s lack of appeal to young “Verge Culture” viewers (tech-savvy, multi-cultural, fashion-conscious young people, the first generation “raised on the internet”), and how Karmaloop TV will address this underserved audience.
- JUNE – Karmaloop TV sponsors the Chairman’s Reception at the NCTA (National Cable and Telecommunications Association) Conference in Chicago, which is attended by Oprah Winfrey.
- AUGUST – Karmaloop TV is a sponsor of the debut screening of the Palladium Boots-funded documentary “Tokyo Rising” in New York. The acclaimed film follows Karmaloop TV Creative Director Pharrell Williams through the artistic underground of Tokyo.
- SEPTEMBER – Karmaloop is lead corporate sponsor of the world-renowned American Repertory Theatre’s performance of “Porgy & Bess” in Cambridge, MA.
- SEPTEMBER – Karmaloop TV debuts three new shows on its broadband channel: A Day in the Life, Behind the Brand and Sweat the World.
- SEPTEMBER – Karmaloop is a sponsor of the Identity and Rock the Bells music festivals.
- SEPTEMBER – Karmaloop TV launches the groundbreaking “Reclaim Your TV” grassroots marketing campaign, which allowed young people to have their voices heard about the need for a new cable network for them. Tens of thousands of young people contribute videos and social media buzz around the program, which continues throughout the fall and winter.
- SEPTEMBER – Karmaloop debuts its Fall 2011 Look book, shot at the historic Boston Public Library. This is the first time that a retailer has been allowed to shoot in the esteemed local landmark.
- OCTOBER – Karmaloop CEO Greg Selkoe appears in the season debut of the acclaimed HBO series “How To Make It In America,” on October 2. (Karmaloop TV Creative Director Pharrell Williams appears in his own cameo, in the show’s November 6 episode).
- NOVEMBER – Boylston Trading Co, a high-end Menswear retail and editorial site owned by Karmaloop (www.BoylstonTradingCo.com), launches to critical and consumer acclaim. Construction also began on a Boylston Trading Co. brick-and-mortar showroom in downtown Boston, which is slated to open in Q1 of 2012.
- NOVEMBER – Karmaloop’s men’s and women’s members-only “flash sale” site PLNDR.com site closes in on its one-millionth member (after less than two years in existence).
- NOVEMBER – Karmaloop’s Winter / Holiday 2011 Look book shoot is completed at Boston’s House of Blues Foundation Room. Two resulting micro-sites showcase Karmaloop’s first “click-to-buy” and “Living” Lookbooks, which garner positive consumer feedback (and sales).
- DECEMBER – Karmaloop’s Rep program (its worldwide street team) surpasses 100,000 members. Sign-ups for the popular sales rep program grew 58% in 2011 from the previous year, and Rep-driven sales (with discounts spread via social media) account for more than 25% of Karmaloop.com’s overall sales.
- DECEMBER – Karmaloop is a headline sponsor of the Basel Castle event as part of Miami’s Art Basel festival. The event, hosted by Karmaloop TV’s Pharrell Williams, draws over 2,000 people and features musical performances by Yelawolf, The Rapture, Chris Cab, Penguin Prison and Boston’s Bad Rabbits.
- DECEMBER – Karmaloop’s exclusive Monark Box monthly membership program is announced. First delivery for program is set for late January 2012.
- DECEMBER – Karmaloop debuts 36 celebrity “iKons” on the site, each with their own personally-selected Holiday Gift Guides on Karmaloop.com. iKons include: Pharrell Williams, Chris Evans (“Captain America”), Far East Movement, Kreayshawn, A$AP Rocky, Taryn Manning (“Hustle & Flow”), Talib Kweli, Cypress Hill, skateboarder Terry “TK” Kennedy and dozens more.
- DECEMBER – Karmaloop’s Kazbah marketplace (where up-and-coming independent brands sell their goods on a consignment basis via Karmaloop.com) ended the year with $7.9 million in revenue, up 80% from 2010. There are currently 160 active Kazbah brands available on Karmaloop.com.
ABOUT KARMALOOP.COM AND KARMALOOP TV
Karmaloop.com – founded by Greg Selkoe in 2000 and headquartered in Boston, MA, with an office and TV studio in New York City – is one of the world’s largest and most-respected online retailers of “streetwear” (including footwear, apparel and accessories). The company is anchored by its multi-platform retail website and lifestyle network – www.Karmaloop.com – which attracts more than 4.5 million unique monthly visitors and includes both retail shopping and original blog content.
Karmaloop.com sells over 500 men’s and women’s brands to a loyal customer base spanning 45 countries. Karmaloop, Inc. owns and operates Karmaloop.com, KarmaloopTV.com, PLNDR.com, Kazbah Underground Brands, Boylston Trading Co., and owns several private label clothing brands: Amongst Friends; Advocate; Fenced; Flüd; KLP; Orisue; Pilot Licensing; Society Original Products; Sons of Liberty; Spool & Thread; and VGB.
The Karmaloop family also includes Karmaloop TV – www.KarmaloopTV.com. The property, currently a multi-platform broadband programming network, was launched in 2008 and averages more than 4 million monthly video views.
# # #
Karmaloop.com backgrounder, Karmaloop TV backgrounder, and Greg Selkoe biography available.
Media contact: Brian Coleman, Brian.Coleman@Karmaloop.com, (617) 210-9176.
Mass High Tech - Friday December 2, 2011
Moneytree statistics posted on the National Venture Capital Association website paint a potentially troublesome picture for the venture industry. In recent years, VC investment into portfolio companies has far outpaced the inflow of limited partner investments into venture funds. On a year-to-date basis through Sept. 30. 2011, VC investments in portfolio companies totaled $21.2 billion compared to VC fundraising of just $12.2 billion. Anyone with a working knowledge of arithmetic can see that this situation isn’t sustainable.
Based on my discussions with university endowments and pension funds over the last couple of years, the story behind the numbers raises additional concerns. While most limited partners are still clamoring to invest in the top 10 percent of venture capital funds based on performance, the picture for the bottom 90 percent isn’t so clear. Many venture capitalists are not looking forward to the process of raising their next fund and are waiting for a few more successful exits in their portfolios to improve their chances.
Lower fundraising by venture funds doesn’t directly affect today’s venture backed startups because most venture funds don’t cross over from one fund to the next. Fund I companies don’t often get funded by Fund II as there are usually prohibitions in limited partner documents against this to avoid potential conflicts. VC backed entrepreneurs may feel the residual effects of delayed fundraising by their venture investors as reserves constrict. That can set up an interesting dynamic in the board room where an entrepreneur asks for more capital to fund their growth. VCs might suddenly develop a case of “alligator arms” – which aren’t quite long enough to reach those seemingly deep pockets. At the extreme, if the VC is at the end of their current fund, they may not have reserves to support even their successful investments. They are reticent to bring in a new outside investor for fear of a cram-down round.
Leverage in the form of bank loans and venture debt can provide some cash relief in the near term without upsetting the company’s cap table. Sources of venture debt are plentiful. Leverage is tempting but also raises the future burn rate of the business due to required principal and interest payments. Higher burn rates translate into higher risk profiles for entrepreneurial companies and need to be evaluated carefully against projected cash flows.
Richmond, Va. – Snagajob, hourly job experts with the world’s largest online community of hourly workers and a leading provider of workforce solutions for employers, helps its customers maximize employee potential and has been recognized for maximizing its own employees’ potential: Snagajob has been named the No. 1 small company to work for in America on the Great Place to Work® annual ranking.
Snagajob has been named a top-10 Best Small Company to Work for in America for the past four years, a run that culminates this year with the No. 1 rank.
Snagajob, which was selected among hundreds of small companies (50-250 employees) competing for the best place to work honor from the Great Place to Work Institute (the same firm that compiles the annual FORTUNE list), was judged based on employee surveys, an in-depth questionnaire and factors such as credibility, respect, fairness, pride and camaraderie.
“The foundation of what we look for in ‘Snaggers’ – our employees – is great people who love doing great work together as a team,” said Shawn Boyer, co-founder and CEO of Snagajob. “I’m incredibly proud of this honor especially because it’s based on employee feedback. This award is further validation that our maniacal focus on people and culture is the right approach, particularly as we grow at a rapid pace and have doubled our size in the past year.”
Just a few of the Snagajob initiatives that focus on people and culture are:
Culture squad: This is the cross-departmental team of Snaggers of all levels ensuring that Snagajob maintains a healthy work/life balance. Its self-directed responsibilities include planning events that have become company traditions such as the annual Chili Cook-Off, Halloween costume contest and Office Olympics.
New-employee welcome: Once a candidate has accepted a job offer, Boyer sends a hand-written note and a $100 gift card so that incoming Snaggers may celebrate their new job and Snagger status with their families.
Snagger sidekick: Current Snaggers are matched with new employees based on personal interests and serve as helpful guides, particularly during a new employee’s first week on the job. Official Sidekick duties include a first-day office tour and lunch out together as week one winds down.
Benefits, too: Some of the more unique company benefits include an annual paid day off to volunteer, paternity leave, back-up childcare, gym membership reimbursements, a “comfortably casual” dress code and all-expense-paid trips to resorts with posh accommodations for five- and 10-year Snagger-versaries.
“The companies featured on this year’s list are truly extraordinary in their practices and achievements,” said Susan Lucas-Conwell, CEO of Great Place to Work. “Their leaders recognize the value of creating great workplaces and the competitive edge it provides them.”
Among other national honors Snagajob has received, Boyer was named the 2008 National Small Business Person of the Year by the U.S. Small Business Administration.
The company currently employs more than 300 people, and applicants can view open jobs at www.snagajob.com/careers. (At the time of the GPTW award submission, Snagajob qualified for the small business category.)
About Snagajob:
Snagajob is the world’s only company totally devoted to fulfilling the dreams of hourly workers and those who employ them. Hourly job specialists since 2000, Snagajob has grown to a community of more than 30 million hourly workers, featuring job opportunities, professional networking and job-hunting advice. Hourly employers using Snagajob benefit from talent sourcing and hiring manager products making employee logistics simpler and more effective. To learn more, visit www.snagajob.com.
About Great Place to Work®:
Great Place to Work® is a global research, consulting and training firm that helps organizations create and sustain great workplaces through the development of high-trust workplace cultures. Great Place to Work serves businesses, non-profits and government agencies in 45 countries on all six continents. In the United States, Great Place to Work produces the annual FORTUNE 100 Best Companies to Work For® list and Great Place to Work Best Small & Medium Workplaces list published by Entrepreneur.com.
Is venture debt the new venture capital?
by Tim O'Loughlin, Director Eastward Capital
http://www.masshightech.com/stories/2011/11/07/daily39-Is-venture-debt-the-new-venture-capital.html
Entrepreneurs often get confused as to when to raise venture capital versus venture debt. Their confusion is understandable as the terms of venture debt and venture capital converge at the margin and misconceptions abound.
Equity is permanent and debt must be repaid, right?
The primary difference between venture debt and venture capital is that debt must be repaid. VCs are also very interested in getting their capital back plus a profit. There are some current market-dynamics which make the distinction between the repayment of venture debt and the liquidity needs of venture capital blur.
I can already hear the skeptics squirming in their seats saying, “Whoa!? A VC hoping to get their money back is a lot different than a lender requiring repayment.” To those skeptics, I say three things:
1. We’re hiring! Skepticism is a core requirement course in any venture debt training program.
2. Interest-Only Roulette: Venture debt usually involves an upfront period where the emerging growth company pays just the interest on the debt. In theory, the tech company begins to make principle payments at the end of this interest-only period. In recent months, companies have aggressively negotiated extensions of their interest-only periods; sometimes by refinancing with another lender. Should the company ultimately fail, the last lender holding the bag gets the usual outcome in Russian roulette…hence the name. When debt isn’t repaid, it becomes a semi-permanent part of a company’s balance sheet.
3. Dividend Recaps: Venture capitalists need liquidity events – particularly if they are raising a new fund. If companies are more slowly successful than planned, the VC may propose a dividend recap to get some liquidity. The tech company declares a dividend and pays cash out to the investors. The source of the funds for the dividend? You guessed it…venture debt. When dividends are paid, equity isn’t the ‘permanent’ capital that it originally appeared to be.
If the line between equity and debt is blurred, how does an entrepreneur pick the right financing strategy for the business? Equity should be raised when a company needs a 4+ year financing horizon and when cash flows are highly volatile. Less dilutive debt options can be considered when the business expects future cash flows or liquidity events in the two-to-three year time frame. The entrepreneur should also take care to make sure that debt service payments are no more than 30 percent of their burn rate because future equity investors want their cash used to grow the business – not to repay debt.
So, who do VCs compete with when sourcing investment opportunities? They compete with anyone with a checkbook and increasingly venture debt firms have very large checkbooks.
Venture Funding Key to Driving Smarter Commerce Market Opportunity
ARMONK, N.Y. and SAN FRANCISCO – November 10, 2011 – IBM (NYSE: IBM) and SignalDemand today announced that ConAgra Mills, a Commercial Foods brand of $12.3 billion ConAgra Foods, Inc. (NYSE: CAG), is using IBM’s Smarter Commerce-based solution and its predictive analytics capabilities to increase supply chain efficiency and help bakers and other small businesses succeed in today’s fast changing economic climate.
Today’s small food producers and bakeries face significant challenges from the current economic climate and the consumer’s shifting dietary patterns. These changes are forcing businesses to identify ways to operate at a lower cost while maintaining the high level and quality of service their customers demand. For many of these businesses, ConAgra Mills is the answer.
ConAgra Mills, the third largest miller in North America and a grain industry leader, offers the most comprehensive selection of premium multi-use flours in the industry. The business is also at the forefront of ingredient development, price risk management and customer service. Aware of the challenges facing its customers, ConAgra Mills sought to enhance its overall customer experience by developing a solution capable of more efficiently delivering these businesses a greater variety of products but at a fraction of the cost.
ConAgra Mills needed a tool with predictive capabilities in order to be more responsive to both market changes and customer needs up to 18 months in advance. Turning to a joint offering that combines IBM software with SignalDemand’s EnterpriseOptimizer solution, this Smarter Commerce-based supply chain solution allows ConAgra Mills to deliver customers the products they need, when they need it and at a price they can afford to ensure their continued business success.
“Our customers operate in an increasingly complex and volatile market environment,” said Bill Stoufer, president of ConAgra Mills. “The solution from SignalDemand and IBM is part of our effort to use science-based solutions for our customers so that we can eliminate pain points and allow them to succeed in the new economic realities of today’s market.”
IBM’s Industry Solutions group was first introduced to SignalDemand through the IBM Venture Capital Group in 2010. IBM and SignalDemand’s relationship gained momentum late that year, thanks to the Venture Capital Group which helped to deepen this partnership through cross-IBM alignment and execution across the Software Group industry solutions and Services groups.
“We have worked closely with IBM for many years to identify trends and partnerships. Given IBM’s deep understanding of the value of predictive analytics and optimization, it was clear that there were natural synergies between IBM and SignalDemand that could make a difference to the markets they serve,” said Mark Gorenberg, managing director at Hummer Winblad Venture
Cramer discusses e-commerce with top executives at two private companies that are revolutionizing online shopping, with Kevin Ryan, Gilt Groupe co-founder/CEO, and Andrew Dunn, Bonobos co-founder/CEO.
Watch the Video
The August 4th Edition of the Boston Business Journal listed Eastward as the 22nd largest investor in the Boston Area.
Vienna, VA ─ September 15, 2011 ─ VidSys, the leading provider of Physical Security Information Management (PSIM) software that allows organizations to resolve business and security situations in real time, today announced that Cisco has made an equity investment in VidSys. Current investors Atlanta Equity, Flybridge Capital Partners, JVAX Investment Group, and Motorola Solutions also participated. VidSys plans to use these funds to further accelerate the company’s rapid growth, to support global PSIM demand and for the continued research and development of VidSys products.
“There are numerous challenges for organizations to pro-actively resolve business and security solutions in real time, and therefore to effectively and efficiently manage day-to-day operations,” stated Chuck Teubner, CEO, VidSys. “We are excited about the Cisco investment and will use these funds to develop further solutions where the VidSys PSIM software is a key part of the solution that helps organizations overcome these challenges and better protect the safety and security of their people, property and assets around the world.”
Cisco’s investment in VidSys extends its existing relationship with the PSIM provider, which is also a Cisco Technology Development Partner.
“PSIM software enables organizations to pool assets and information across their respective organizations for a complete view of situations, resulting in more effective situation management and better protection of assets, people and responders,” stated Bill Stuntz, VP and general manager, Physical Security Business Unit, Cisco.
“We are pleased to be working with Cisco to help improve the safety and security of organizations,” stated James Chong, founder and CTO, at VidSys. “The combination of Cisco’s leading network technology and our leading PSIM software will not only help organizations identify and respond quickly and accurately to evolving situations but will also allow them to implement best-in-class security operations.”
Milpitas, Calif.– August 9, 2011 – Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, today announced that the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) has confirmed that Soladigm’s Dynamic Glass has passed ASTM E2141-06 durability testing.
NREL tested Soladigm’s Dynamic Glass units, which were put under the equivalent conditions of the sun’s radiation at an elevated temperature, simulating the effect of real-world use in buildings for the lifetime of window glass. More than 50,000 cycles of testing were completed, after which each unit showed no change in physical appearance or performance.
“Soladigm is one of only two companies to have successfully met this durability milestone for Dynamic Glass technology,” said Dr. Anne Dillon, Principal Scientist at NREL. “Soladigm’s samples stood up to our rigorous testing protocol showing no degradation. The stability shown throughout the testing clearly proves that Soladigm has developed a highly durable product.”
“There are numerous technologies that can achieve color change in transparent materials. An insulated glass unit installed in a building window or a façade needs to withstand the harsh UV and high temperature environments for an extended period of time,” said Dr. Rao Mulpuri, CEO of Soladigm. “The selection of materials and manufacturing technology in our Dynamic Glass unit took into account this important requirement from the beginning. This result at NREL is a significant milestone for Soladigm, validating the commercial viability of our product.”
Soladigm continues to achieve significant milestones toward high-volume production. Soladigm’s Dynamic Glass, which electronically switches from clear to tinted on demand, enables control of heat and glare in buildings while providing greater comfort, uninterrupted views, and natural daylight. Soladigm Dynamic Glass windows will reduce HVAC energy usage by 25 percent and peak load by 30 percent in commercial buildings.
iControl Networks Raises Over $50 Million to Accelerate Energy Management and Other Broadband Home Management Offerings
Strategic Investors Include Cisco, Comcast Ventures, Intel Capital, Rogers Communications and Tyco International
Palo Alto, Calif. (June 20, 2011) — iControl Networks, a leader in broadband home management, today announced the close of over $50 million in Series D funding, bringing total investment in the company to more than $100 million. This round of funding will accelerate the deployment of iControl’s energy management solution and other broadband home management services, while also positioning the company for international expansion.
“iControl is a leader in the broadband security and home management market with tremendous growth potential, particularly in the emerging market for energy management solutions,” said Louis Toth, Managing Director, Comcast Ventures. “These additional funds put iControl in a position to offer energy management as a value-added service to its existing home security solution, and provide iControl’s deployment partners the full range of broadband services they want to offer consumers.”
iControl’s OpenHome technology powers Comcast’s recently-launched XFINITY Home Security service, the nationally-launched ADT Pulse service, and is in market deployments with numerous unannounced broadband service providers.
"Empowering individuals to directly manage energy consumption is one of the most important parts of the great promise of the U.S. Smart Grid initiative," said Al Gore, former U.S. Vice President and Partner with Kleiner Perkins Caufield & Byers.
“By layering energy management on top of an interactive home management platform, our service provider partners will be able to offer intuitive ‘green home’ value-added features to their customers,” said Paul Dawes, co-CEO of iControl Networks.
The iControl OpenHome software platform is a broadband home management solution that enables broadband service providers, home security companies and utilities to offer interactive life safety and lifestyle services to their customers, allowing those customers to control and connect to their homes via the web and other mobile devices.
“This investment enables iControl to dramatically expand the capabilities of iControl's OpenHome platform in the areas of home security, monitoring and energy management,” said Jim Johnson, co-CEO of iControl Networks.
iControl’s Series D round was led by energy and clean tech investors. Other investors in this round of funding include Cisco, Comcast Ventures, Intel Capital, Charles River Ventures, the Kleiner Perkins Caufield & Byers iFund, Rogers Communications and Tyco International, the parent company of ADT Security Services.
About iControl
iControl Networks is a venture-backed software and services company providing interactive solutions that define the broadband home management market. The iControl OpenHome™ Software Platform, an award-winning software solution that has made the Connected Home a reality, enables home security companies, broadband service providers and utilities to offer the next generation of home management, security and connectivity to their customers. Investors in iControl include Charles River Ventures, Cisco, Comcast Ventures, Intel Capital, the Kleiner Perkins Caufield and Byers iFund, Rogers Communications and Tyco International. For more information, please visit www.icontrol.com.