|By PR Newswire||
|March 7, 2014 09:20 AM EST||
BOSTON, March 7, 2014 /PRNewswire/ -- Wayfair, the largest online retailer of home furnishings and decor, today announced that it has raised $157 million in equity financing to fuel continued growth of the company's portfolio of home brands. 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 ecommerce 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 including Wayfair.com, Joss & Main, AllModern and DwellStudio experienced significant growth throughout 2013 capped off by strong holiday sales in the fourth quarter.
Wayfair offers a zillion things home – the largest selection of home furnishings and decor across all styles and price points. With an unparalleled selection of more than seven million home items from 12,000 brands, Wayfair helps people find the perfect product at the right price through tailored shopping experiences across its brand portfolio. The e-commerce leader's unparalleled selection and superior customer service coupled with the convenience of online shopping, makes it easier than ever before for shoppers to find exactly what they want for their homes. The Wayfair family of brands includes Wayfair.com, the world's largest online destination for home goods, AllModern.com, the leading destination for original modern design, Joss & Main, the fastest growing private sale site for the home, and DwellStudio, a lifestyle retailer known for groundbreaking design and impeccable quality in modern home furnishings.
Headquartered in Boston, Massachusetts, Wayfair employs more than 1,600 people in its eight global locations of Boston, New York, Ogden, Utah, Hebron, Kentucky, Galway, Ireland, London, Berlin and Sydney. The company was named one of America's Most Promising Companies by Forbes Magazine. For more information, visit www.wayfair.com.