Digital Dollar Store Raises $30 Million from Kleiner Perkins Caufield & Byers and Others
Hollar, ecommerce’s first major dollar store, has raised a $30 million round. The Series B round was led by Kleiner Perkins Caufield & Byers. It included participation from new investors Comcast Ventures and Greycroft Partners and existing investors Lightspeed Venture Partners, Index Ventures, Forerunner Ventures, and Pritzker Group.
Hollar has now raised $47.5 million to date following a $12 million Series A and $5.5 million seed round. Eric Feng, General Partner at KPCB, will join the startup’s board of directors as part of the deal.
“We started Hollar to build on the success of the dollar store industry, and this opportunity gives us the ability to continue innovating and aggressively grow the business,” said David Yeom, CEO of Hollar. “Through initiatives like a personalized online shopping experience and expansion into a marketplace offering, Hollar is spreading the unexpected delight of extreme deal retail and changing the way consumers discover deals and stretch their budget.”
The average price of a product on Hollar is $2. The most expensive stuff is around $10. It’s not a price point that has been targeted by ecommerce companies primarily due to shipping logistics. Hollar works around this by requiring a $10 minimum purchase and offering free shipping only on orders above $25.
“In an industry that is continuing to double down on their brick and mortar presence, Hollar’s rapid growth is showing that consumers also want an online dollar store alternative,” said Feng. “Hollar is primed to revolutionize the extreme value segment of retail and we are thrilled to partner with them on their journey.”
Hollar claims it has more than one million users. The startup has more than 150 employees.
