Wayfair officially announces $157 million Series B

Wayfair founders Niraj Shah and Steven Conine (courtesy of the company)
Wayfair founders Niraj Shah and Steven Conine (courtesy of the company)

This morning, Wayfair, the Boston-based online furniture retailer, announced a $157 million Series B round of funding. The news comes amid widespread speculation that the company is in the process of filing for its initial public offering. As The Wall Street Journal reports, the funding gives Wayfair a $2 billion valuation, according to a person familiar with the deal.

The Series B round of equity financing  was led by  T. Rowe Price Associates, Inc., and included a few other key investors, including, as the press release said, “industry leading growth focused mutual funds, as well as a private investment from Julie M.B. Bradley.” Bradley is TripAdvisor’s chief financial officer and a Wayfair board member.

As Henry Ellenbogen, portfolio manager for T. Rowe Price’s New Horizons Fund, said in the press release, “Niraj and Steve have built a pure play E-commerce business over the last 12 years that we believe has the ingredients to be a much larger company. We are honored to be partners with them.”

“We are big believers in Wayfair’s market opportunity, executive team, and strategy and are excited to be adding growth capital as they continue on the path of building a lasting company,” Ellenbogen said in the release.

“This investment further solidifies an already strong balance sheet for Wayfair,” added Michael Fleisher, Wayfair’s chief financial officer.

The round of financing is more than than the $150 million initially reported by Reuters earlier this year. In total, Wayfair has now raised $358 million in funding. Other investors include Battery Ventures, Spark Capital, Great Hill Partners, and HarbourVest Partners.

Dennis Keohane was a Senior Staff Writer for BetaBoston.
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