The Russian state owned fund of funds Russian Venture Company (RVC) announced last week it had participated indirectly in a $40 million round of financing for One Kings Lane, a leading US flash sales site on the home furnishings market.
The investment was made through Institutional Venture Partners XIII (IVP), a prominent later stage venture capital and growth equity firm which was joined in 2010 by Russian Venture Capital II LP, a fully owned subsidiary of RVC registered in the UK.
The Series C financing – which brings the total amount raised by One Kings Lane to $67 million – was led by Tiger Global Management, a new investor in One Kings Lane. Other participants in the round, in addition to IVP XIII, also a new investor, include existing investors Kleiner Perkins Caufield & Byers (KPCB) and Greylock Partners.
The funds will be used for “continued investment in the business to deliver strong customer satisfaction, attracting new members, merchandising and technology innovation, and business model expansion,” IVP announced.
One Kings Lane has surpassed $100 million in annualized revenues. Its member base reached two million earlier this year.
Last April, IVP XIII led a round of financing for Sugar Inc., a global media company for women. In May, it participated in financing for Clearspring Technologies, a US based online data giant. In June, it invested in Shazam, a developer of a popular application for mobile devices.
In April 2010, RVC’s fully owned subsidiary Russian Venture Capital I LP invested $10 million in BrightSource Energy, Inc., a provider of solar power thermal systems.
