Home & garden e-tailer WorldStores has raised £10 million “to support its continued rapid growth” from management firm Serena Capital, it has been announced.
Backed by investors from Balderton Capital and Advent Venture Partners, the investment will enable WorldStores to expand its supplier network as well as its product range.
Last year, the retailer increased sales by 50 per cent and is now targeting sales of £75 million in 2013 across its UK operations after attracting more than 200,000 new customers over the past 12 months.
WorldStore’s technology platform is linked with over 800 suppliers and as such, the retailer offers next-day or day-of-choice delivery on 80 per cent of its products, a tool it is hoped will further drive sales at the retailer.
Marc Fournier, Managing Partner of Serena Capital said:“We are most impressed with the company’s accomplishments and its ability to become a national UK leader in such a short period of time.
“We look forward to supporting the management and the company in these exciting times of fast growth.
“Serena Capital will participate in making Worldstores a unique online retail leader for the home through the depth and quality of its products and through the excellence of its customer experience.”
Launched in 2007, WorldStores’ product range now exceeds over 500,000 lines and the retailer is bucking the trend of disappointing sales across the struggling homewares sector.
“We’re delighted that the backing of Serena Capital and our existing investors will enable WorldStores to continue to invest in the company’s exciting growth,” Co-CEO of WorldStores Richard Tucker commented.
“This will allow us to extend our network of supplier relationships still further, and to offer an even greater choice to our consumers.
“We will continue to invest in the development of the business and our brand, now supported by TV advertising.”