PROfounders Capital, an early stage venture capital investor, has welcomed the successful pricing of online furniture retailer Made.com ahead of its IPO on the London Stock Exchange, which will deliver a 25x return for PROfounders’ investors.
PROfounders’ investment in Made.com will also deliver another fund returner for investors, with proceeds exceeding the size of the firm’s first fund.
PROfounders first invested in Made.com in 2010, attracted by its D2C, tech-enabled business model that shortens and simplifies furniture supply chains, leading to better designs, higher quality and lower prices for customers. Since the launch of Made.com, the London-based business has expanded into seven countries across Europe including France and Spain. Last year, Made.com increased sales 30 per cent to GBP315 million.
Made.com is PROfounders’ fourth unicorn (business that has reached a valuation of USD1 billion-plus) exit since 2019, including:
Applifier, the Finnish mobile games services provider acquired by Unity Software, which listed on NYSE in September 2020 (180x return)
GetYourGuide, the Berlin-based online marketplace for tour guides and excursions following Softbank’s investment in 2019 (17x return)
Helsinki-based Small Giant Games, the company behind smash hit mobile game Empires & Puzzles (56x return following the sale of the business to Zynga in 2019)
PROfounders Capital Partner Rogan Angelini-Hurll, says: “Our investment in Made.com is a great example of what can be achieved when VC works in partnership with entrepreneurs and other investors. That eleven year partnership has delivered a fantastic outcome for the business and we’re delighted for Philippe, Ning, Brent and their entire team. Right from the start, Made.com ticked all the boxes for us: an ambitious team of founders, looking to improve a rubbish customer experience through technology. Shoppers are increasingly confident about buying big-ticket items online, and Made have helped accelerate this trend. They’re also a great example of the vibrant entrepreneurial spirit we see across Europe, especially since the pandemic, and that’s throwing up some great investment opportunities for us.”
Made.com CEO Philippe Chainieux, says: “We’ve enjoyed a very strong partnership with PROfounders and our other investors from day one. Rogan and his team provided capital but also valuable time and know-how, in particular helping us build effective processes and controls into the business, and ensuring we had the proper infrastructure in place to sustain our expansion.”
