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