Augmentum leads £7.5m funding round in Bathrooms.com
Technology VC fund Augmentum Capital has led a £7.5m Series B funding round in Bathrooms.com, a specialist provider of bathroom products.
The funding round, which was supported by existing investor Dawn Capital, will enable Bathrooms.com to explore new opportunities within the UK bathrooms market, currently thought to be worth around £1.8bn.
Bathrooms.com, which was founded in 2004, now boasts more than 50 employees across the UK and China, with a turnover of over £5m. The company is hoping to double its revenue over the next year.
Ian Monk, CEO of Bathrooms.com, said: “There’s a huge opportunity in the online bathrooms space in the UK and beyond. Online currently represents around 6.5% of the market in the UK, but it’s growing at a massive rate and has the potential to grab a significant share.
“Our direct sourcing model means that we can offer high-end design at a great price and when you combine that with the sort of great customer service that this market has been crying out for then we think you can see the potential.”
Chad Raube, a Partner at Dawn Capital, said: “Since our Series A investment in 2010, Ian Monk and his team have done a great job in leveraging its margin and supply chain advantage to challenge for market leadership in the UK. The company’s progress has been validated by the interest from investors in the Series B.”