Tuesday, May 30, 2006

Online Retailer SmartBargains Raises $10 Million More in Venture Capital - Boston, MA

SmartBargains, a Boston-based, online retailer of "off-price" merchandise, has raised $10 million of venture capital from its existing investors, closing out a total $28 million commitment from the group, the company announced on Tuesday. The investment group is led by Highland Capital Partners, Maveron, Gordon Brothers, Time Warner, General Catalyst and New England Development. In addition to the venture capital round, SmartBargains said that it has entered into a long-term line of credit with Wells Fargo Retail Finance that provides up to $20 million. Launched in 2000, SmartBargains offers apparel, electronics, jewelry, home goods, and other merchandise at up to 70% off retail value.



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