Kitsy Lane Raises $3.5 Million Series A Financing and Appoints Former
Shoebuy.com CEO Scott Savitz to Its Board of Directors
Fastest Growing Social Commerce Platform Engineered to Help Women
Grow Their Very Own Online Businesses Looks to Extend Rapid Growth in
MAYNARD, MA -- (Marketwire) -- 01/09/13 -- Kitsy Lane
(www.kitsylane.com), which has been experiencing 40% monthly growth
since inception, today announced that it has raised $3.5 million in a
Series A funding. Data Point Capital joined forces with Longworth
Venture Partners to lead, with existing investor Point Judith Capital
contributing to the round. As part of the announcement, Data Point
Capital's Scott Savitz, ecommerce icon and founder of Shoebuy.com,
will be joining Kitsy Lane's Board of Directors.
Kitsy Lane's social commerce platform enables anyone to launch their
own Internet jewelry and accessories boutique in minutes for free.
The platform provides the Boutique Owner with everything they need
including a master catalog of expertly curated merchandise, as well
as a social customer acquisition and promotions engine to grow a
customer base and earn money. The Kitsy Lane Platform analyzes each
boutique, providing an easy-to-follow to-do list to guide both the
experienced and first-time store operator.
"Kitsy Lane has demonstrated impressive results at such an early
stage of its development. The model is ripe for further disruption of
traditional commerce offering a turnkey approach for individuals to
profitably become retail entrepreneurs," says Scott Savitz, Managing
Partner of Data Point Capital. "We are happy to be part of such a
terrific company and look forward to lending our expertise to help it
In just five months since launching in July 2012, Kitsy Lane has
established itself as the leading website for women to set up their
own shop as a Boutique Owner. The Kitsy Lane community has grown to
over 22,000 women owned and operated businesses, adding thousands of
new Boutique Owners each month.
"The Kitsy Lane team is thrilled with the response women have had to
our value proposition. It's certainly been rewarding to help our
network of Kitsy Lane Boutique Owners, many with no experience, grow
independent businesses," says Kitsy Lane CEO and Founder, Andy Fox.
Key to Kitsy Lane's success has been its use of Facebook as an
important way to integrate into each Boutique Owners social
community. The day-to-day display of personally selected Kitsy Lane
merchandise into their timeline and their friends' newsfeeds, keeps
the Boutique Owners shops top of mind. The ongoing dialogue drives
sales interactions and opportunities for Boutique Owners to win new
customers and makes sales happen.
"I have had my own Kitsy Lane Boutique, Bright Lily, for four months
and I just love it. The marketing and merchandising tools are easy to
use and really work. My business is growing. It's exciting and at the
same time a lot of fun," says Boutique Owner, Katie Webb.
About Kitsy Lane
Social commerce company, Kitsy Lane launched in
July 2012, offering the first of its kind platform for at-home
entrepreneurs. The unique platform moves the concept of direct sales
online, enabling anyone to launch an online boutique free of charge,
and then drive sales via its social promotions engine. Kitsy Lane
supports a growing community of over 22,000 Boutique Owners. For more
information on Kitsy Lane, log on to www.kitsylane.com.
About Data Point Capital
Data Point Capital focuses on companies
that can be leveraged and scaled on the Internet and touch the
consumer. Categories of interest include mobile, gaming, social
networks, payments, comparison shopping, e-commerce and emerging
technologies. The fund is stage-agnostic, allowing for investments in
seed, early stage, mid-stage, late stage or controlling interest
deals and is made up of business executives and internet leaders who
have created tremendous value through building a number of very
successful companies (in many cases, again and again). At Data Point
Capital, we like to think of ourselves as entrepreneurs helping
entrepreneurs and that by investing with independent thinking based
on real, differentiating innovation and complimentary key metrics,
superior results can be achieved.
About Point Judith Capital
Point Judith Capital is a leading early
stage venture capital firm based in Boston, Massachusetts. We focus
on investments in software and technology enabled services. We take
an active approach to investing, striving to build collaborative
relationships with portfolio company management. We have constructed
our firm and our team around the strategy of building market leading
companies with innovative founders and serial entrepreneurs. We and
our partners have backed such market leading Internet companies as
Yandex.com (NASDAQ: YNDX), Multiply.com (acquired by Naspers),
Ozon.com, FSAStore.com, and Sittercity.com.
About Longworth Venture Partners
Longworth Venture Partners, a
Boston based venture firm, invests in early and seed stage Internet,
digital media and software companies. Founded in 1999, Longworth
leverages the deep operating experience of its principals and its
market-driven research process to identify and help grow the leading
companies of tomorrow.
Kitsy Lane Media Contact:
Press spacebar to pause and continue. Press esc to stop.