Fast-Growing Maynard Firm Nets $3.5M In Series A Round
Maynard-based Kitsy Lane, an online social commerce platform that helps users launch their own jewelry and accessories businesses online, said it has raised $3.5 million in Series A funding led by Data Point Capital.
Founded in July 2012, Kitsy Lane said it has experienced 40-percent growth each month.
Its community of "boutique owners" – users who sell jewelry and accessories through their own online storefront enabled by the company's platform – has grown to 22,000.
Users customize their online storefronts and curate wares, while Kitsy Lane provides the free platform and catalog of merchandise, pays commissions and handles orders. Boutique owners earn 25-percent commissions on purchases from their stores. The platform also allows users to integrate their stores with their Facebook accounts.
Data Point's Scott Savitz, founder of Shoebuy.com, will join Kitsy Lane's board of directors as part of the deal. Longworth Venture Partners and existing investor Point Judith Capital also participated in the round.
"Kitsy Lane has demonstrated impressive results at such an early stage of its development," Savitz said in an announcement. "The model is ripe for further disruption of traditional commerce, offering a turnkey approach for individuals to profitably become retail entrepreneurs."
Image credit: freedigitalphotos.net
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