Tue, 22/07/2014 - 06:00
Swoon Editions, an online furniture business, has confirmed a GBP4 million Series A funding round to expand its business in the UK, led by Octopus Investments and Index Ventures.
The investment will be used to grow Swoon Editions’ community of ‘insiders’ (interior-savvy people signed up to its email list) as well as increasing the number of designs launched each week.
The team has grown from three to 36 in the past 12 months and an additional 20 roles will be created across a range of disciplines, primarily in the London head office, and also in Vietnam, India and China.
The transaction is a follow-on from a seed round of GBP1.2 million in May 2013.
Brian Harrison, CEO and co-founder, says: “We believe people should be able to own beautiful furniture without paying six times what it costs to make. We cut out unnecessary retail overheads and gain further efficiencies by only producing pieces we know are in demand. In the past year we have tested every aspect of our business model, rapidly growing our base of suppliers, designers, customers and industry style watchers. We are delighted that this has inspired our original investors to provide additional capital to accelerate our growth.”
Simon Andrews, a member of the ventures team at Octopus, says: "Swoon Editions co-founders Brian and Debbie have built a model that puts customers at the heart of their business. Critically they have done this with sound economic principles and are executing at pace. This additional investment will enable them to really kick on from the great year they have just had."
“Swoon Editions has created a new experience for consumers interested in buying high-quality, beautifully crafted furniture. It’s almost like you’re right there with the world’s best makers on the workshop floor,” says Robin Klein, partner at Index Ventures. “Customers provide direct feedback on the items they’re interested in buying, get limited-edition products designed to the highest standards and delivered straight to their door. By working with the manufacturers directly and ordering items before they’re made, customers don’t pay for all the extras that would normally inflate the price. We like how Swoon Editions has used a vertically integrated business model, shortening the supply chain to benefit the consumer.”
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