Flash Sales Site Ideeli Raises $41 Million

Flash sales site Ideeli, which was founded in 2007, has raised $41 million in Series C funding led by Next World Capital with Cue Ball Capital, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partner participating in the round. This bring’s Ideeli’s total funding to nearly $70 million

With over 4 million members, ideeli offers 50 to 70 percent discounts on clothing and accessories over a several day period. The sales are private, available only to members, with upcoming sales from brands announced via emails. Products include clothing for men, women and children as well as jewelry, handbags and home accessories.

Ideeli also recently expanded into travel and daily deals, similar to Gilt Groupe’s Gilt City deals. Ideeli says that the new financing will be used for category expansions, partnerships, technology enhancements, marketing campaigns, attracting talent and enhancing the Ideeli member experience.

The flash sales space has been showing both big venture raises of late. One of the leaders in the space, Gilt Groupe, has been raising huge amounts of money, growing its user base at a rapid pace and turning a strong profit. In December, Gilt raised another $15 million, bringing the company’s total funding to nearly $100 million. At one point Gilt was valued at $400 million and an IPO could be in the near future.

One Kings Lane, which focuses on using the flash sales model for home accessories and furniture, has also recently raised a large round. And Ideeli competitor HauteLook (which also has 4 million members) was just acquired by Nordstrom for $270 million.