Made.com closes $60m in deal led by Partech Ventures
Young Gun-founded furniture site plans to invest in its technology and grow offering in Britain and overseas
London-based online furniture retailer Made.com has secured $60m funding in a round led by Partech Ventures, with participation from Fidelity Growth Partners Europe.
Launched in 2010 by Growing Business Young Guns Julien Callede, Ning Li, Chloe Macintosh, and Lastminute.com co-founder Brent Hoberman, Made.com sells furniture at prices up to 70% below their high-street value.
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Earlier this year, the company opened a flagship Soho showroom amid rumours of a £100m IPO and last month co-founder Macintosh stepped down as creative director after five years with the brand.
This is the fourth investment round for the company, and will be used to fuel growth in its existing markets in the UK and Europe, and to develop technology, products and marketing.
Paris-based venture capital firm Partech, which invests between $10m and $50m in fast-growth technology and digital firms, supplied $34m of the total through its €200m growth fund.
Made.com CEO, Li, commented: “With the support of Partech Growth, we now have the funding and board expertise to fully execute on the next stage of our ambitious international growth plans and to further progress towards our aim of becoming Europe’s number one destination for home design.”
Bruno Crémel, general partner at Partech and now board member of Made.com, added:
“We decided to invest $34m in Made.com because we are convinced by the company’s clever and agile business model and by the exceptional quality of the management.”