Retail Convergence Inc. in Boston Raises $25 Million in First Round - Boston, MA

Retail Convergence, a newly formed, Boston-based, e-commerce company, announced on Thursday that it has raised $25 million in its first round of venture capital. In connection with the funding, the company has acquired SmartBargains.com, an "online, off-price" retailer of women's fashions and home accessories. Also on Thursday, Retail Convergence announced the launch of RueLaLa.com, "an invitation-only, private sale ecommerce site driven exclusively by user-generated membership." Investors in Retail Convergence include New England Development, Breakaway Ventures, Mugar Enterprises and General Catalyst Partners.

http://www.smartbargains.com