E-commerce furniture retail start-up Wedo receives £3m funding boost
MMC Ventures-led investment follows previous seed funding round in 2012
Online furniture retailer Wedo has announced the closure of a £3m round of investment, led by tech-focused venture capital firm MMC Ventures.
Founded in 2011 by serial entrepreneur and Tech4Africa founder Gareth Knight, Wedo is a collection of e-commerce furniture sites with a strong focus on ease of use and customer experience.
Since launch the London-based start-up has grown to comprise 40 staff, with 2013 marking a particularly successful year for the company as it grew revenues by 100% and opened a 10,000ft retail store in Colchester.
The £3m MMC Ventures-led investment also contained input from previous investors Passion Capital and a selection of private investors, who backed the company in 2012 in a previous seed funding round.
It will be used to expand the fast-growing company’s product range to encompass a broader homeware products offering, supported by the launch of new websites specialising in soft furnishings, bathroom and garden goods.
In addition, Wedo will use the funding to build new logistics systems which it claims will further enhance the online shopping experience.
Gareth Knight, founder of Wedo, said: “I’ve been obsessed with technology for my whole life, and strongly believe in the power of technology to simplify and add value to people’s lives. It has long been my vision to create the most simple and human online shopping experience possible – with detailed product descriptions and an easy-to-use site, supported by a dedicated customer service team.
“I am delighted that 2013 has seen Wedo grow to make this a reality, and the support we have received from our investors over the past 12 months has been invaluable. We are excited to continuing working with them and to maintain our current growth momentum.”
Rory Stirling of MMC Ventures added: “We believe the broader e-commerce market in the UK and Europe still has a long way to go and that furniture is a particularly underserved part of the market.
“The Wedo approach to technology will enable them to provide the best possible experience to customers. We’re very excited to be working with Gareth and his team.”