November 4, 2011
Lot18 Closes Third Round in a Year, This Time for $30 Million
By Tricia Duryee
Lot18, an invitation-only site that started off selling wine online, has raised $30 million in a third round of capital.
The round is the New York company’s third in 12 months since launching in November. The most recent round was led by Accel Partners. Existing investors, New Enterprise Associates and FirstMark Capital, also participated.
In an interview, Lot18′s Founder Philip James said, “That’s pretty huge for us. We are a year old. We launched on Nov. 10, and it’s a little bit of surprise that we raised an ‘A,’ ‘B’ and ‘C’ in such a short period of time.”
James said the funding was justified because Lot18 is growing so quickly.In the past year, it has 90 employees, has added 600,000 members and has sold 500,000 bottles of wine. In addition, the company has added two new product categories, “Gourmet,” and “Experience,” which sell food and travel, respectively.
James said it is their goal to be the leader in the epicurian space — and be all about eating and drinking.
To read the entire AllThingsD article, click here.
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TEDActive 2012
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NYC BigApps 3.0 Hackathon
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Ingenuity 2011
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