NEW YORK—(BUSINESS WIRE)—May 7th, 2009—HauteLook, the exclusive members’-only shopping club, today announced a significant funding commitment led by Insight Venture Partners with the completion of the first $10 million tranche. Jeff Lieberman, Managing Director at Insight, will join HauteLook’s board.
HauteLook was founded by Adam Bernhard (CEO), and Lagovent Ventures Group Partners Brett Markinson and Konstantin Glasmacher.
“We feel fortunate to be in the market at a time where our business model is resonating with customers and we are excited to accelerate our growth along with investing into our technology to improve the member experience. The financing will also help us provide our brand partners with the best tools and functionality to help them better leverage this evolving channel,” said Adam Bernhard, CEO of HauteLook. “Insight’s vision and portfolio make them the right partners for our company as we grow and expand. We anticipate an increase in our share of the online discount retail market and Insight’s track record shows they understand what it takes to drive success within the on-line retail industry.”
“We built our reputation on finding and investing in companies poised for great success, and we are thrilled to be involved with HauteLook, a company that has already made significant impact within its market based on its unique business model,” said Jeffrey Lieberman, Managing Director at Insight Venture Partners. “Following a comprehensive review of this new and exciting e-commerce category, we determined that HauteLook’s approach to the market had the strongest probability for scale and longevity”.
HauteLook is an exclusive private shopping club which offers its members branded goods at 40-75% off of retail prices. HauteLook operates a marketplace in which premium fashion & lifestyle brands host their own 24-48 hour private sales. HauteLook, which launched to the public in November of 2007, currently operates Women’s, Men’s, and Kid’s fashion, as well as Home verticals.
ABOUT INSIGHT VENTURE PARTNERS
Founded in 1995, Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, internet and data services industries. Insight’s team is composed of experienced investors and operating executives with more than 150 years of collective experience in these industries, and a capital base of $3 billion to support the companies in which they invest. The company is headquartered in New York City.
NEWS SOURCE : www.hautelook.com