$50 million raised from 1999 to 2004 wasn't enough to propel SmartBargains toward a successful IPO. So, eight months later, it pulled its IPO filing in 2005 and sought out its previous investors for further support in the form of $18 million. The online retailer extended that round to take in another $10 million in equity financing this week to close the round at $28 million in equity funding and $20 million in debt financing.

Will that be enough to take SmartBargains into the land of the publicly traded? The investors certainly hope so. These include Highland Capital Partners, Maveron, Gordon Brothers Group, New England Development, Time Warner and General Catalyst Partners.

Considering the lowered criteria for technology companies pondering IPOs since 2004, it seems likely that SmartBargains will file later this year. According to its 2004 IPO filing, the company had reached positive cash flow in two quarters during late 2003 and early 2004, but it did not post a profit for its fiscal year 2003. The company lost about $1.4 million on revenues of $92.2 million during that year. The filing identified Highland Capital Partners as SmartBargains' largest shareholder, with a 23% stake. Gordon Brothers Group held 18.1%, Maveron held 17.1% and AOL held 10.2% of the common stock as of mid-2004.

For more on SmartBargains' fundraising, see:
The Deal
Mass High Tech

Tags: smartbargains, highlandcapital, shopping, ipo, vc, venture capital