Local home goods e-commerce giant Wayfair announced Friday it has raised $157 million in equity financing to power its path towards an initial public offering.
The Series B round was led by T. Rowe Price Associates, with participation from a number of key investors, including Julie M.B. Bradley, CFO of Boston-born travel company TripAdvisor and Wayfair board member.
“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,” said Henry Ellenbogen, portfolio manager for T. Rowe Price's New Horizons Fund, in a statement. “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.”
In 2013, the company had an annual revenue of $915 million, with a revenue growth rate of 55 percent and order intake exceeding $1 billion.
In January, Reuters wrote that Wayfair had quietly raised $150 million at a valuation of $2 billion. The Back Bay-based home decor company is the most-funded company in Boston. Including Friday's financing, the company has raised $358 million.
Wayfair selected four banks for its IPO in mid-February.
The company's CEO Niraj Shah was unavailable for comment.
