Online furniture store Made.com, which specializes in the sale of design furniture and accessories, has raised 55 million euro in investments to continue its growth, particularly in the United Kingdom.
60 million euro turnover in 2014
It already managed to raise 6 million pounds in January 2012, but has now raised another 55 million euro thanks to Partech Growth Fund, Fidelity Growth Partners and Level Equity to continue its growth. The online furniture store will use the funds to increase its product range, launch more marketing initiatives and improve its technology first and foremost.
Three French citizens, living in London, founded the company in 2010 and have managed to double the company's turnover over the past 3 years, to 60 million euro in 2014. The bulk of that turnover, 75 %, comes from the United Kingdom. Once it managed to seduce Brits with its artisan furniture, available for up to 70 % less than in stores, it spread its wings to other countries: France, the Netherlands, Belgium, Italy and recently, Germany.
Made.com's success is based on the "fast fashion" principle: it keeps stock levels low through the automatic removal of any unpopular collection from its website. That helps lower costs and risks without endangering its delivery times.
The company currently collaborates with 160 people and wants to use the additional funds to strengthen its position in markets it already caters to, with the goal to dominate the online furniture market in Europe.