Wayfair, Top-Funded Tech Firm in Boston, Brings In $36M More for Flash Sale Site

12/10/12Follow @gthuang

The rich are getting richer. But you already knew that.

What you might not know is that Boston-based Wayfair, the closest thing we have to an “Amazon for the home,” has secured $36.3 million in new equity funding from existing investors to promote its private sale site for home furnishings, Joss & Main.

Wayfair (formerly known as CSN Stores) started in 2002 and bootstrapped itself to profitability through its expansive network of e-retail sites for home goods. Last year, the company took its first outside funding round, and it was a doozy: $165 million from Battery Ventures, Great Hill Partners, HarbourVest Partners, and Spark Capital. The new funding brings Wayfair’s total raised to just over $200 million.

By my count, that makes it the most heavily funded private (and independent) tech company in Boston. (Kayak, which had raised some $223 million before its IPO, was recently bought by Priceline.)

Of course, Wayfair has always been a little different from your average tech company. For one thing, it competes with big retailers, department stores, and furniture stores. I plan to hear more from CEO and co-founder Niraj Shah about the firm’s strategy down the road.

For now, Shah says in a statement that sales from Joss & Main have been growing strongly. “With the help of our investors,” he says, “we expect to grow membership and sales at an even greater pace.”

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com or call him at 617-252-7323. Follow @gthuang

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