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Ice.com raises a cool $47 million in new working capital

January 02, 2008

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Ice.com can move forward with its plans to consider acquisitions, build up its e-commerce infrastructure and target new niches, Internet Retailer reported.

The online jewelry company has secured $47 million in venture capital funds from Boston investment banking firm Polaris Venture Partners. Shmuel Gniwisch, Ice.com chief executive officer, said the goal is to take more market share quicker.

This holiday season, Ice.com's sales were up 60 percent, and the average order value increased 25 percent. The company sees room for growth in the market of affordable luxury goods where consumers upgrade items "as their purchasing habits change and their annual income grows."
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