Wayfair.com, an online retail giant that specializes in furniture and home goods, has raised $36.3 million in new equity financing to boost Joss & Main, its private-sales site for the home.
Investors in the round include Battery Ventures, Great Hill Partners, HarbourVest Partners and Spark Capital.
Already, Wayfair.com claims, Joss & Main has acquired nearly 3 million members and is operating at a $100 million annual revenue run-rate.
Niraj Shah, co-founder and of Wayfair.com, says:
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“The site hit its highest sales day on Cyber Monday by a factor of over 50 percent and sales are up 10- fold since last year.
It’s clear that shoppers love the Joss & Main experience and with the help of our investors we expect to grow membership and sales at an even greater pace.”
A 100% division of Wayfair.com, Joss & Main is your typical membership-based flash sales website, offering home goods at a discount on a daily basis for a limited period of time.
Earlier this year, Joss & Main launched a mobile app, which Wayfair.com says has helped drive ‘steady sales growth’ with the percentage of revenue from mobile up 50 percent this holiday season.
Mobile shopping currently represents more than one third of sales every weekend, and is growing four to five times as fast as the rest of the business, Wayfair.com co-founder and GM John Mulliken says in a statement:
“The combination of inspirational content, compelling pricing, and a simple experience to quickly shop our events from anywhere is driving a big portion of our success – and our mobile app members are 40 percent more engaged than our other members.”
Headquartered in Boston, Massachusetts, privately-held Wayfair.com employs more than 1,000 people today.
Top image credit: Thinkstock
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