E-commerce company Retail Convergence raises $25 million

Venture Beat — Mon, 28 Apr 2008 10:37:34 -0700

Retail Convergence is an e-commerce company formed out of one purchase, nine year old off-price retailer site SmartBargains.com, and newly-launched invite only private sale site Ruelala.com.

Investors include General Catalyst Partners, New England Development, Breakaway Ventures and Mugar Enterprises.

Ruelala.com is sort of like invite-only social network ASmallWorld, a social network that only lets you in if you’re very wealthy, or if you know a lot of wealthy people. Ruelala provides well-heeled online shoppers exclusive access to scheduled sales of upscale brands. Each sale on the site is schedule ahead of time, lasts two days, and features merchandise matching the season. To participate, you need to be invited by an existing Ruelala member, like ASmallWorld.