Great Entertaining Closes on $31 Million in Funding
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Party supply and entertaining ideas site Great Entertaining Inc., which launched its site only last month, closed on $31 million in second-round funding.
The round was led by Technology Crossover Ventures (TCV), joined by Benchmark Capital, the exclusive provider of Great Entertaining's first round of funding, which has now doubled its original investment in the company.
Also included in the round were Infinity Capital LLC and Attractor Investment Management Inc.
Great Entertaining said it plans to apply its latest funding toward increased marketing during the holiday season and beyond, more aggressive business development activities and improvements in customer care.
"Our latest venture backing enables us to continue to invest in the systems, staff and services necessary to create a destination consumers can rely on for all their party planning needs," said Tanya Roberts, co-founder and chief executive officer at Great Entertaining.
"It also allows us to step-up our marketing activities to reach consumers during the busy holiday entertaining season."
"Great Entertaining addresses an enormous market with a compelling consumer proposition. The management team has deep experience in consumer and direct marketing, and has invested heavily in a complex back-end," said Jay Hoag, a founding general partner at Technology Crossover Ventures.