MADE.com has been given a $60M cash injection, led by Partech Growth Fund and supported by Fidelity Growth Partners (a major investor in Notonthehighstreet.com) as well as existing investor Level Equity.
The primary purpose of the funds raised will be to further accelerate the upmarket e-tailer‘s growth strategy in its existing furniture markets across the UK, France, Italy, Germany, Belgium and The Netherlands, which have a combined estimated market size of over £100bn.
Having achieved a compound annual growth rate in revenues of over 100% in the last 3 years, momentum has continued into the current year, with a comparable improvement in all financial metrics. The Group recently completed a successful launch into the German market and collectively its international markets are, in less than three years, 30% of total Group revenues, anticipated to exceed 50% in the near future.
In tandem with the fund raise, MADE has appointed Susanne Given, formerly of SuperGroup and John Lewis as an independent director to the board. With Brent Hoberman as Chairman, the founder of Lastminute.com, the board now has a powerful mix of technology and retail expertise to draw upon.
Ning Li, Co-founder & CEO of MADE, said:
“In just five years MADE has built a powerful brand and an excellent customer proposition, which is changing the way we shop for furniture. With the support of Partech Growth, we now have the funding and board expertise to fully execute on the next stage of our ambitious international growth plans and to further progress towards our aim of becoming Europe‘s number one destination for home design.”
“MADE occupies that unique space sitting between the creative use of technology and consumer facing multichannel tools, which combined with its fresh approach to both customers and supply chain, has allowed it to carve out an impressive position in the European home interiors market over the past five years. I look forward to working with the board and sharing my knowledge and experience as the business continues its rapid international growth.”