Mydeco backed for £7.35m
Lastminute founder gains backing for his home design business
Mydeco, the online home design business created by former Lastminute.com founder Brent Hoberman, has secured £7.35m of funding.
It is the second round of funding for the business which comes from Sofinnova Partners, as well as SRPE, Amadeus Capital Partners and Burda Cross Media. This funding follows a seed round last year led by SPARK Ventures, which remains a major shareholder, and takes its total money raised to more than £12.5 m. Since beta launch in the UK in February 2008 the site has attracted over 1.5 million visitors. It aims to become the leading marketplace for consumers and suppliers of home design and furnishing, a sector estimated to be worth $200bn in the US and Europe Mydeco believes that the market’s online potential has been barely tapped and that it is therefore in a great position. Hoberman said: “We are delighted to have attracted a top quality investor group in which each individual firm brings real strategic value to the business and whose mix of nationalities reflects our own international ambitions. “The closure of this latest financing round validates our achievements to date and will support the full commercial launch of the business later this year.” Alain Rodermann, a partner at Sofinnova Partners, added: “We believe mydeco has the potential to become a category killer in the home design industry. “We are delighted to be backing a world class team with the vision and expertise and ambition to establish a global leadership.” Close Brothers advised mydeco on the funding agreement. © Crimson Business Ltd. 2008