About Company:
Retail Convergence Inc. is a portfolio of ecommerce companies leveraging a common platform, infrastructure, customer file and brand relationships. Current portfolio companies include RueLaLa.com and SmartBargains.com. Retail Convergence is a privately-held company headquartered in Boston, Massachusetts. Investors include New England Development, Breakaway Ventures, Mugar Enterprises and General Catalyst.
How Much They Got From VCs:
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 – the only way an individual can join RueLaLa.com is through an invitation from an existing member. In today’s tepid retail environment this unique peer-to-peer, viral marketing driven model addresses consumers’ demand for unique shopping experiences.
More at:www.ruelala.com
www.smartbargains.com.
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