Gilt Groupe Grabs $50M More, No IPO Yet
Gilt Groupe has raised just under $50 million in new capital led by General Atlantic to “accelerate marketing” and for international expansion, according to company spokeswoman Jennifer Miller. The money brings Gilt’s total amount raised to north of $250 million.
One other new “strategic partner” and other existing shareholders also contributed to the new funding round, which was first reported Monday by Re/code. Founded in 2007, Gilt is a New York-based e-commerce retailer that holds flash sales of discounted items from clothing to home décor.
Gilt has had its up and downs, laying off about 10 percent of its workforce in early 2012, only six months after grabbing a $138 million financing round in mid-2011. Before that, Gilt had secured $35 million in funding in 2010, and another $43 million in 2009, according to regulatory filings. The company relocated founder and CEO Kevin Ryan to the chairman’s seat in late 2012, and gave his chief executive title to Michelle Peluso, a then-executive at Citigroup who had previously run Travelocity.
Gilt has long been expected to seek an initial public offering. Re/code cited anonymous sources who say the company’s performance hasn’t been consistent enough to “convince leadership” it should be taken public, at least not yet.