The US copycat of French private sales powerhouse venteprivee.com has just signed a term sheet to raise an extra $40m, valuating the company at $400m (Source: Silicon Alley Insider).
Gilt Groupe announced that it had $25m revenue in 2008, should have about $150m in 2009, and projected over $500m revenue for 2010.
The company is said to be cash-positive for three months now.
The private sales model is booming in major markets, benefiting from the economic downturn where consumers are looking for deals more than ever and where brands need to get rid of their bigger than ever excess inventory faster than ever.
Brands4friends from Germany is having a similar stellar year, reviewing its target revenue for 2009 from €75m to €85m.
