Online electronics retailer 800.com Inc, said Monday that it has received $57m in a third round of funding. New York-based Amerindo Investments Advisors Inc led the round and was joined by Vulcan Ventures, Trinity Ventures, Advent International and Berkman Capital, among others. 800.com, based in Portland, Oregon, said the latest funding takes its total private investment to date to $73m. The company will use the cash to build inventory and invest in technology to expand its existing warehouse and customer service capabilities.
The retailer, which is in its second year of operation, also intends to launch aggressive customer acquisition programs through on and off-line branding efforts, partnerships with major web properties and promotional advertising efforts. The company points to Forrester Research figures that estimate consumers will spend $411m shopping for consumer electronics online this year, with that number doubling next year, and reaching $6.1bn by 2003.
