One Kings Lane Is Now Worth Nearly $1 Billion

Daniel Goodman / Business InsiderPart of the One Kings Lane team

The flash-sales home decor site One Kings Lane just raised a huge $112 million funding round that brings its valuation up to about $912 million, according to Re/code, bringing it close to breaking into the million-dollar club.

One Kings Lane CEO Doug Mack says that the company will be using the funding to hire, expand its technology, and build its inventory, while focusing on some of its newer brands, like Hunter's Alley. Hunter's Alley is a spin-off site that lets users sell their old home goods to each other.

To date, the company has raised a total of $229 million, but it has yet to become profitable.

New York City's Mousse Partners, which has invested in a number of other e-commerce companies like Bonobos and Red Envelope, led the round.