OpenSky.com said it secured $30 million in financing in a round led by new investor Providence Equity Partners and joined by existing investors Highland Capital Partners, Canaan Partners and The Raine Group. New York based OpenSky, which launched in April, is a shopping site with 600,000 members.
OpenSky Secures $30 Million Funding From Providence Equity Partners, Highland Capital Partners, Canaan Partners and The Raine Group
NEW YORK, NY, October 24, 2011 – OpenSky.com, the shopping destination that allows members to design their ideal shopping experience curated by some of the world’s most interesting people, today announced it has secured $30 million financing from new and current investors. New investor Providence Equity Partners led the financing, which included participation from existing investors Highland Capital Partners, Canaan Partners and The Raine Group.
“OpenSky is a great company with a unique online retail experience that is driving a real innovation to shopping,” said Al Dobron a Managing Director at Providence. “We look forward to partnering with the OpenSky team and bringing our extensive internet experience to add lasting value.” Mr. Dobron will join the Board of Directors of OpenSky. He also currently serves on the boards of AutoTrader.com, Hulu, and Nextag.
“We welcome Providence to our team of incredible partners and Al to our board,” said John Caplan, Founder and CEO, OpenSky. “OpenSky is different; rather than a search box and a long catalog or a flash sale of last year’s goods, consumers want to discover amazing products based upon their interests, and it’s exciting to have experienced investors recognize our early success.”
In the six months since it launched on April 5, 2011, OpenSky has attracted over 600,000 members who are building their shopping “dream team” from more than 75 experts and connecting to them for daily recommendations on fresh and exciting merchandise. Experts include Bobby Flay, Cynthia Rowley, Liz Lange, Tom Colicchio, Molly Sims, Kelly Rutherford, Kristin Cavallari, Tony Horton, Padma Lakshmi, Michael Ruhlman and Holly Robinson Peete. OpenSky members are currently making more than 3 million OpenSky connections resulting in six consecutive months of 50% growth in both order volume and revenue.
In the next several months, OpenSky will continue to expand its network of expert curators in existing categories food, style, health and home, as well as expand into new categories.
“John Caplan is a world-class leader and he and his team will disrupt retail, ” said Bob Davis General Partner at Highland Capital Partners. “We’re excited to continue investing in their success and helping them further that mission.”
OpenSky is an online shopping destination that empowers you to create your ideal shopping site by choosing from 75 of the best people in food, style, health and design to merchandise for you. Our mission is to give you a better way to shop that’s all about you. Whether you’re into kale chips or artisanal chocolates; Missoni knits or tie-dye tanks; sleek mod vases or hand-woven pillows, you’ll receive daily bolts of inspiration that speak to you, not anyone else. Say goodbye to the impersonal catalog and design the way you shop; created by the person who knows you best—you.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, information services and education companies around the world. The principals of Providence manage funds with over $23 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1989. Significant existing and prior investments include Altegrity, AutoTrader.com, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea Cellular, Kabel Deutschland, Nextag, PanAmSat, ProSiebenSat.1, Qiyi, Study Group, TDC, Univision, VoiceStream Wireless, Warner Music Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.