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.
- 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.
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.”
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.
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.
SnagAJob.com, an online community of hourly workers and provider of hourly workforce management solutions, this morning announced that it has secured $27 million in Series C funding in a round led by August Capital.
Other private equity investors in SnagAJob for this and previous rounds of funding include Adams Street Partners, Baird Venture Partners and C&B Capital. The Series C round brings the company’s total raised to $41 million.
Founded back in 2000, SnagAJob says its online community has now grown to nearly 28 million hourly workers, growing by over a million every two months. The company also claims that it has logged a 1,185% revenue growth rate over the past seven years and 400% website traffic growth rate over the past five years.
SnagAJob says it will use the proceeds to expand its product portfolio, intensify marketing efforts and increase the size of its sales team. The company expects to reach a total headcount of about 300 people by the end of this year.
August Capital partner Eric Carlborg will join the SnagAJob board of directors
February 16, 2011
Written by Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, announced today that it closed additional financing to the previously announced $30 million Series C funding, bringing the total Series C equity financing to$40 million. New investors The Westly Group and Navitas Capital join existing investors to complete the financing. Concurrent with the announcement, The Westly Group Managing Partner Gary Dillabough, who leads the firm’s Smart Building Practice, joins Soladigm’s Board of Directors.
“Dynamic glass facades and windows will revolutionize building design and have the potential to be one of the most impactful technologies for improving energy efficiency,” said Mr. Dillabough. “We have been closely following this space for more than two years and have seen Soladigm emerge as the front-runner. The company has made significant technical advances and assembled a world-class team to bring high-quality, affordable Dynamic Glass to market and I look forward to working with the Soladigm team to drive widespread adoption of the technology.”
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.“The oversubscribed funding round is a testament to the progress the Soladigm team has been making towards commercializing our Dynamic Glass technology. We are proud to welcome The Westly Group and Navitas Capital as new investors and Gary Dillabough to the Soladigm Board,” said Dr. Rao Mulpuri, CEO of Soladigm. “Gary’s experience and strong connections in the building materials space make him an invaluable addition to our Board, and we look forward to working together to build a great company.”
Blue Cod Technologies Obtains $8,000,000 New Funding Round
- Date: 8/4/2010
- Company Name: Blue Cod Technologies
- Mailing Address: 295 Donald Lynch Blvd. Marlborough, MA 01752
- Company Description
Blue Cod Technologies, Inc. delivers Management and IT consulting, innovative software solutions and applications outsourcing services for today’s service industries such as insurance, financial services and utilities.
- Transaction Type
- Transaction Amount
- Transaction Round
- Proceeds Purposes
Proceeds accelerate Blue Cod’s expansion of development, sales and operations.
- M&A Terms
- Venture Investor
GE Pension Plan
- Venture Investor
Edison Venture Fund
Virtualization co ScaleMP raises $2.4m
Investors include Evolution Venture Capital, former BMC Software VP Dan Barnea, and other private investors.
8 August 10 12:49, Yaniv Magal
Virtualization solutions start-up ScaleMP Inc.
has raised $2.4 million in its fifth financing round, Israel Venture Capital Resource Center (IVC) reports. Investors include Evolution Venture Capital, former BMC Software VP Dan Barnea, and other private investors.
ScaleMP, founded in 2002, develops virtualization solutions for large servers. It has 40 employees, and has raised $28 million to date, including the present round. The previous round in 2008 was led by Sequoia Capital and Lightspeed Ventures.
Published by Globes [online
Xactly Corporation, a San Jose, CA-based provider of on-demand sales performance management (SPM) solutions, has secured $12m in financing.
The round was led by Bridgescale Partners, with participation from existing investors Alloy Ventures, Bay Partners, Cheyenne Partners, Glynn Capital Management, Outlook Ventures, and Rembrandt Ventures, as well as new strategic investor salesforce.com.
The funds will be used to further extend the company’s customer base and continue to develop its suite of products, which enables sales and finance executives to design, implement, manage, audit, and optimize sales compensation management programs. They include the Xactly Incent offering, a SaaS-based incentive compensation solution, Xactly Analytics and Xactly Express, a SPM solution dedicated to small to medium businesses.
Clients among over 300 companies, include American Express, Blackboard, Cablevision, ClairMail, DHL, Dun & Bradstreet, GlobalEnglish, Halliburton, InsideView, Motorola, Perkin Elmer, salesforce.com, Time Warner Cable and Xerox.
Receipt and business card scanner hardware firm The Neat Company has completed a $2.5 million follow-up round of funding that includes Edison Venture Fund and MentorTech Ventures to expand sales, marketing and product development, according to a press release.