Gilt Groupe Completes Series E Round
Gilt Raises Massive Funding Round To Expand Flash Sales Model
The less than four-year-old flash sales startup Gilt Groupe has raised $138 million in a round of funding announced Monday.
Softbank Group invested $62.5 million and also took a 50% stake in Gilt Groupe Japan, the leading flash sales site in the country.
The remaining $75.5 million was invested in Gilt Groupe’s U.S. business by a mix of existing and new investors, including General Atlantic, Matrix Partners, Goldman Sachs, New Enterprise Associates, Draper Fisher Jurvetson Growth, Pinnacle Ventures, TriplePoint Capital and Eastward Capital.
The funds will be used to fuel growth, including acquisitions, new business verticals and the expansion of existing business categories.
Gilt Groupe has applied its flash sales model to a number of different categories, including apparel and accessories for women and men, children (Gilt Children), home (Gilt Home), travel (Jetsetter), and local services and experiences (Gilt City). The company is planning to move beyond the flash sales model by launching Gilt Man, a full-priced retail site for men, this summer.