Boston, Massachusetts based Retail Convergence is a newly formed holding company for a number of ecommerce sites. Along with the funding announcement, Retail Convergence launched RueLaLa.com and announced the acquisition of SmartBargains.com
SmartBargains.com launched in 1999 and offers an “online, off-line retailer” service. The site tracks a respectable 1.5 million uniques a month according to comScore. The newly launched RueLaLa.com is an invitation-only, private sale ecommerce site driven exclusively by user-generated membership. The private sale model offers consumers exclusive access to scheduled sales of upscale brands. Each private sale is brand-specific, lasts 2 days and features current season merchandise.