Sunday, November 06, 2011

Lot18 Raises $30 Million in Series C Funding - Accel, NEA, FirstMark

Lot18, the New York-based company that is changing the way Americans buy wine and gourmet food, today announced that it has completed a $30 million Series C financing led by Accel Partners. Sameer Gandhi, who led Accel's investments in Bonobos, Spotify and StumbleUpon, will join Lot18's board of directors. Lot18's earlier backers, New Enterprise Associates and FirstMark Capital, are also contributing to the new round of financing. The funds will support continued growth, as well as further technological and product development, particularly the expansion of Lot18 Gourmet and Experiences, the company's food and travel verticals, respectively.

Lot18 was founded in 2010 by Kevin Fortuna and Philip James. Fortuna was formerly the CEO of Quigo, an advertising technology company that was sold to AOL Time Warner for $360 million in November 2007. James was the Founder and CEO of Snooth, the world's largest wine website.

Lot18 connects its members with exclusive, limited-time opportunities to purchase directly from wineries, gourmet-food producers and other makers of artisanal goods. Each product or experience featured on Lot18 is individually evaluated for quality by Lot18's team of experts. Lot18 is headquartered in New York.

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