From Home Furnishing Business
Wayfair Raises $157 Million in Financing
2014 by in Furniture Retailing, Industry, Internet
The Series B investment round, led by funds and accounts managed by T. Rowe Price Associates Inc., encompassed a limited number of key investors, including industry leading growth focused mutual funds, as well as a private investment from Julie M.B. Bradley, TripAdvisor CFO and Wayfair board member.
"Wayfair is heading into 2014 with tremendous momentum and growth as more and more shoppers opt for one of our exceptional ecommerce shopping experiences," said Niraj Shah, CEO and co-founder of Wayfair.
"Niraj and Steve have built a pure play e-commerce business over the last 12 years that we believe has the ingredients to be a much larger company. We are honored to be partners with them," said Henry Ellenbogen, portfolio manager for T. Rowe Price's New Horizons Fund. "We are big believers in Wayfair's market opportunity, executive team and strategy and are excited to be adding growth capital as they continue on the path of building a lasting company."
"This investment further solidifies an already strong balance sheet for Wayfair," added Michael Fleisher, CFO of Wayfair.
Wayfair reported an annual growth rate of 55 percent in 2013 to end the year with $915 million in revenue. The company's portfolio of home brands includes Wayfair.com, Joss & Main, AllModern and DwellStudio.