Venture Capital News: Hollar Secures $30M Series B Round
LOS ANGELES, CA, Hollar, the ultimate mobile destination for cool products at incredible deals starting at $2, announces it has raised $30 million in Series B funding, coinciding with its first anniversary.
The financing is led by Kleiner Perkins Caufield & Byers, and joined by Comcast Ventures and Greycroft Partners, with participation from existing investors Lightspeed Venture Partners, Index Ventures, Forerunner Ventures, and Pritzker Group. This new round of funding will accelerate growth initiatives including the development of a marketplace platform and personalizing the customer experience. The funds will also be used to expand its operational footprint to keep pace with increasing customer demand, moving its warehouse and corporate office into the former 99 Cents Only Stores facility.
'We started Hollar to build on the success of the dollar store industry, and this opportunity gives us the ability to continue innovating and aggressively grow the business,' said David Yeom, Co-Founder, and CEO of Hollar. 'Through initiatives like a personalized online shopping experience and expansion into a marketplace offering, Hollar is spreading the unexpected delight of extreme deal retail and changing the way consumers discover deals and stretch their budget.'
The financing brings their total funding to $47.5 million, including a $12 million Series A, raised just four months after closing their initial Seed round of $5.5 million. The company has seen double-digit monthly growth since its launch in 2015 by offering on-trend products and brand names consumers love, at incredible deals, with pricing starting from $2 to $10.
'In an industry that is continuing to double down on their brick and mortar presence, Hollar's rapid growth is showing that consumers also want an online dollar store alternative,' said Eric Feng, General Partner at Kleiner Perkins Caufield & Byers. 'Hollar is primed to revolutionize the extreme value segment of retail and we are thrilled to partner with them on their journey.'
Hollar is the ultimate mobile destination for cool products at incredible deals starting at $2. Featuring thousands of items from toys and electronics to home, beauty and apparel - including unique curated gift and party collections - Hollar is all about the joy of discovery. Find Hollar on iOS, Android and the web (www.hollar.com).
About Kleiner Perkins Caufield & Byers
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build and accelerate growth at pioneering companies like Genentech, Amazon, Google, Nest, Uber and Spotify. KPCB offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. Info: http://www.kpcb.com
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