Ice.com has raised $47 million in outside venture capital the company will use to expand further into the affordable luxury goods market.
The money, which Ice.com secured from Boston investment banking firm Polaris Venture Partners, will enable Ice.com to consider acquisitions, build up its e-commerce infrastructure and target new niches in affordable luxury goods.
As part of the new funding arrangement, Polaris managing general partner and former Washington Post Co. president Alan Spoon will take a seat on the Ice.com board of directors.
Holiday season sales were up 60% and average order value up 25% on Ice.com and 21% on sister site Diamond.com, the company reports.
Ice.com, which grew its 2007 web sales by about 70% to $83.4 million, sees a growing market for online buyers of luxury goods that want to trade up for higher priced items as their purchasing habits change and their annual income grows.
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