's Perfect Timing: $32 Million Series C Round

Silicon Valley based managed to raise a monster round of financing at just the right time: $32 million in Series C round of funding that closed in August, led by Menlo Ventures. Crosslink Capital also joined the round, as well as all previous investors. Prazan Vazirani from Menlo also joined the company’s board of directors.

The valuation was north of $100 million, says a source close to the company. All employees with vested shares had the opportunity to sell shares in this round as well, although I don’t know what percentage of the $32 million went off the table. is a visual search engine that matches pictures of things to items for sale that look similar. The service launched in November 2006, and revenue has steadily grown. The company took a year to reach a $1 million annual run rate. Today, we’ve heard, they are over a $20 million revenue run rate.

The company is launching a UK version of the service this week at They also have an iPhone application called LikeThis that lets users take a picture of an item and receive an email with results for similar items for sale.