Matt Bullock
06 August 2010
Australian online shopping site OzSale has secured $14.5 million in funding, according to Smart Company.
OzSale is a "flash-sale" site that offers discounts on designer apparel, accessories and other luxuries during short sales that last just a few days. Founded in 2007 by former Brit Jamie Jackson, access to the site's deals is by invitation only. The site now has more than 700,000 subscribers and claims a growth rate of 2,000 new members per day - proof of the popularity of online shopping and the bargains it provides.
Jackson intends to use the funding to increase customer acquisition, as well as to invest in warehousing, distribution and other infrastructure. She also hopes the funding will make it possible for her business to expand further into the Asian market, the site reports.
The financial backing comes from the U.S.-based capital fund Insight Venture Partners, which is famous for investing US$100 million in Twitter last year. The firm also invested in HauteLook, a U.S. website with a similar concept, and Privalia, a British equivalent.
According to research by Visa, Australians are the third biggest online shoppers in the world - after the United States and the United Kingdom.
Subscribe
