Silicon Beach has been known in part for fostering and revolutionizing high revenue generating e-commerce startups. These companies focus on bringing the best selection and new experiences to customers. Some provide subscription based services offering designer shoes or low-cost razors, but is there a market for closeout or clearance products? Clearance.co and team are providing that there is.
$2.1M In Less Than A Year
The Los Angeles based e-commerce startup Clearance.co, has worked to revolutionize the shopping experience by bringing customers the finest quality, the best selection, the best service, and the lowest priced merchandise. From it’s inception in April 2013 until December 2013, the company generated $2.1 million in revenue, while bringing in over $150,000 on Cyber Monday alone. The flash sales site is known for selling personal goods such as clothing, accessories, electronics, and home furnishings to over 550,000 users, and is currently on target to reach $10 million in revenue for 2014.
Founder and CEO, Shahbod Rastegar, said: “In a multibillion dollar industry, Clearance.co has a proven business model and a loyal and rapidly growing customer base.” “Our ability to acquire and convert users into paying customers combined with our understanding of customer service is a winning recipe for success.” Clearance.co has raised a total of $803k investment, which is a relatively small amount compared to the cumulative millions raised by its competitors.