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Gilt Groupe, a private-sale e-tailer incubated by New York's AlleyCorp, has signed a term sheet with General Atlantic and Matrix Partners to raise about $40 million at about a $400 million valuation, reported Henry Blodget, editor in chief of Silicon Alley Insider, last week.
Founded two years ago, Gilt Groupe "generated $25 million of revenue last year and should generate about $150 million of revenue this year," according to Blodget. "It is also projecting revenue of more than $500 million next year." Kevin Ryan, the former DoubleClick Inc. CEO who co-founded AlleyCorp, Gilt Groupe and Silicon Alley Insider, told The Deal last summer that Gilt Groupe would be one of the fastest-growing Internet companies ever. We chatted with Ryan about Gilt Groupe's revenues and other topics last month at Silicon Alley Insider's Startup 2009 contest. You can watch that video below or download it on iTunes. You can also see our video about Gilt Groupe here. - Mary Kathleen Flynn <embed src="http://blip.tv/play/AYGIslgA" type="application/x-shockwave-flash" width="400" height="330" allowscriptaccess="always" allowfullscreen="true"></embed>
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