NEW YORK--(EON: Enhanced Online News)--nomorerack, the online shopping destination that offers quality brand names as well as trendy apparel, accessories, home fashion, electronics and kids’ wear for significant discounts off retail, announced today it closed a $40 million Series B funding round led by Oak Investment Partners and HTV Industries. Dan Harrington, CEO of HTV Industries, has joined the board of directors.
“I’m thrilled to be a part of something that could shape the online shopping experience.”
“I’m convinced that we have a real opportunity to change the way Americans shop,” said Deepak Agarwal, nomorerack founder and CEO. “Consumers have shown incredible enthusiasm to buy everyday products at deep value online, and this new investment will enable us to capitalize on this market opportunity.”
The additional funding will be used to expand sales and marketing to further drive customer acquisition and growth. In the last 12 months, nomorerack has grown sales by over 300% with new additional features and a mobile site, with nearly 70% of revenue earned from repeat customers.
“nomorerack’s impressive growth over the past year shows that it has the potential to become a leader in online shopping and is addressing an unmet market need,” said Ifty Ahmed, a general partner for Oak Investment Partners and nomorerack director. “The company is well positioned to take advantage of industry trends to directly connect manufacturers with consumers.”
Since its founding in November 2010, nomorerack has garnered 14 million members and has sold a total of 13.5 million items. It currently sells an item every three seconds, which is more than 30,000 items each day. In the last year, nomorerack was certified as a Google Trusted Store based on the required shipping and customer service performance metrics.
“With the ongoing shift to online shopping, nomorerack has found a way to tap into customers’ desire for value and convenience,” said Harrington. “I’m thrilled to be a part of something that could shape the online shopping experience.”
nomorerack is the online shopping destination for quality, trendy branded and unbranded, in-demand goods at prices from 50%-80% off retail. nomorerack's efficient business model cuts out the middlemen to allow them to deliver great products to their customers at the lowest possible prices. With 24/7 online customer service and super low prices, nomorerack.com aims to be the top shopping destination for online shoppers. For more information visit www.nomorerack.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in nearly 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.