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Oak Investment Partners, HTV lead $40m nomorerack financing round

1 Nov 2013

shopping spree_lrgOak Investment Partners and HTV Industries have led a $40m Series B financing round for online shopping business nomorerack.

HTV CEO Dan Harrington has joined the company’s board following the investment in nomorerack, which was founded in 2010.

The business said it had grown sales by more than 300 per cent in the past 12 months, with almost 70 per cent of revenue earned from repeat customers.

Oak general partner Ifty Ahmed, who is also a director at nomorerack, said, “nomorerack’s impressive growth over the past year shows that it has the potential to become a leader in online shopping and is addressing an unmet market need.

“The company is well positioned to take advantage of industry trends to directly connect manufacturers with consumers.”

Last month California-based concentrated solar power developer eSolar raised $22m in funding from a number of existing investors including Oak.

The company said it would use the funding to support its expansion into the Middle East and North Africa region, and for development of its next generation heliostat.

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