Online Furniture Retailer Raises $60M to Accelerate European Expansion

To accelerate its expansion in Europe, online furniture retailer has announced a $60 million fund raise, led by Partech Growth Fund and supported by Fidelity Growth Partners as well as existing investor Level Equity.

The primary purpose of the funds raised will be to further accelerate the Group’s growth strategy in its existing furniture markets of the UK, France, Italy, Germany, Belgium and The Netherlands, which combined have an estimated market size of over £100 billion.

The company has collaborations with some 50 designers and works closely with manufacturers across the world to offer consumers furniture and homeware products at prices up to 70% below the typical high street price for equivalent products. It claims to operate a “fast fashion” business model that enables it to adapt to changing trends.

The founding team of Brent Hoberman, Julien Callede, Chloe Macintosh , and Ning Li launched the company in the United Kingdom in April 2010. With this funding round, the company also appointed Susanne Given, formerly of SuperGroup Plc and The John Lewis Partnership as an independent director on the board.

It recently relocated its London showroom to Soho. The company employs 170 strong staff  across UK and Shanghai. The company’s revenues increased 63% in 2014 to £42.7 million. International sales are at 30% of the total turnover, which will rise to 50% in the near future, Li added.

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