Online furniture retailer Furniture.com, which just closed on $35
million in third-round financing, launched a multimillion-dollar branding
initiative and a promotional deal with Yahoo!.
The national radio and newspaper advertising campaign kicked off last month
in over a dozen of the largest cities around the United States. Spending
specifics were not disclosed. Separately, Furniture.com announced a marketing
agreement with Yahoo! The agreement promotes Furniture.com to Yahoo!’s users
via advertisements and special promotions running throughout the Yahoo!
network of properties. Spending was not disclosed.
The latest round of financing, led by Amerindo Investment Advisors, includes
investments by Group Arnault; RRE Investors LLC; Trellus Management LLC; and
a European family group advised by Barnard & Company LLC; as well as prior
round investors, including @Ventures, the venture capital affiliate of CMGI
Inc.; Bessemer Venture Partners; Brand Equity Ventures; and Comdisco
Ventures. The placement agent was Thomas Weisel Partners, LLC.
The new financing brings the total capital raised by Furniture.com, including
its
first round in June 1998, to more than $50 million.
“The additional capital puts us in an even stronger market position with ample
resources to extend our brand and build market share,” said Furniture.com
Inc. CEO Andrew L. Brooks. ” Shortly, we will release a series of major
announcements including the signing of new strategic relationships, and the
launch of multiple new services and features. . .”