Retail Convergence Inc., a Boston-based ecommerce conglomerate, has raised $25 million in Series A funding. Participants include Breakaway Ventures, New England Development, Mugar Investments and General Catalyst Partners. The company's first addition was SmartBargains.com, and now has launched RueLaLa.com, an invitation-only private sale ecommerce site.
PRESS RELEASE
Retail Convergence Inc., a newly formed corporation comprised of a portfolio of ecommerce companies, today announced it has closed a $25 million Series A round of financing.
Lead investors include New England Development, Breakaway Ventures, Mugar Enterprises and General Catalyst Partners. The first initiative for the new organization included the acquisition of SmartBargains.com, the leading online, off-price retailer. Additionally, Retail Convergence today announced the launch of RueLaLa.com, the invitation-only, private sale ecommerce site driven exclusively by user-generated membership.
RueLaLa.com is an exciting addition to the Retail Convergence portfolio as it offers an entirely new shopping experience. The private sale model provides consumers exclusive access to scheduled sales of upscale brands. Each private sale is brand-specific, lasts 2 days and features current season merchandise. Membership is completely user-generated
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