Doug Mack

One Kings Lane: Silicon Valley's newest obsession

February 11, 2011: 9:00 AM ET

The home décor site has a strong pedigree (backing from Kleiner Perkins and a founder named Pincus). Can it become the Groupon of throw pillows and footstools?

Founders Feldman (far left) and Pincus hired Mack (seated) to help expand their business.

Online retail is hot again, thanks to the growing popularity of "deal-a-day" and private sale sites. The latest obsession of tech investors? Home décor site One Kings Lane, which will announce today that it has raised a $23 million second round of funding from Kleiner Perkins Caufield and Byers, Greylock Partners, First Round Capital, TriplePoint Capital, as well as some high-profile angels: LinkedIn founder Reid Hoffman and Google VP Marissa Mayer.

Riding the same wave that's propelling Internet sensations like Groupon and Gilt Groupe, One Kings Lane aims to do for housewares and furniture what Gilt has done for haute couture. Founded in early 2009 by Susan Feldman and Alison Pincus (whose husband, Mark, is CEO of online gamin company Zynga), the company matches undiscovered vendors who typically sell only through interior designers or specialty retailers with consumers who wouldn't normally have access to their wares. Like Gilt, it offers discounts on the items, and sales last only a few days. More

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