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Online retailer gets its first round of venture funding. It plans to launch a redesigned site next month. on Monday announced its first-ever venture funding. The online mall, which is in the midst of a rebranding effort, will receive a $25 million round of financing, led by Oak Investment Partners. " represents the next step in the evolution of retailing on the Web," Fred Harman, General Partner at Oak Investment Partners, said in a statement.

Monterey, Calif.-based plans to launch a redesigned Web site next month. Oak Investment Partners is a growth-oriented private-equity firm with $4.2 billion in committed capital.