Beringea, a transatlantic venture capital firm, has led a GBP2 million investment into Plank Hardware, a direct-to-consumer home décor brand whose stylish hardware products have tapped into the boom in DIY and renovation projects among millennial and Gen Z consumers.
Plank Hardware was founded in London in 2019 by Tom Revill and Annie Aveyard. The husband-and-wife duo identified an opportunity to provide high-quality, design-led products that could enable aspiring DIY enthusiasts to create beautiful home renovations on a modest budget. Its products today span handles, hooks, knobs, and rails that provide the perfect finishing touch to DIY projects and inspire creativity in the home.
There has been a significant uptick in demand for home improvement projects in the past two years, particularly due to the shift towards remote working. Research found more than 50 per cent of the UK population had embarked on home improvement projects since March 2020, while 36 per cent of those surveyed felt they would continue to focus on renovation projects as we emerge from the pandemic.
For millennial and Gen Z consumers, traditional bricks-and-mortar hardware retailers have lacked a direct-to-consumer experience that brings together high-quality, on-trend products with the creativity showcased on platforms such as Instagram and Pinterest. Plank Hardware offers these consumers an opportunity to become their own interior designer, accessing stylish hardware that provides a creative flourish to renovation projects.
The husband-and-wife founders bring together entrepreneurial experience, operational expertise, and a passion for creative home projects. Tom is an e-commerce specialist who developed the first products for Plank Hardware through recycling planks of wood into creative home décor, while Annie is an experienced operator who was previously Head of Finance at Swoon, the online retailer of furniture and home accessories.
The business has been bootstrapped, and its growth has been driven by organic demand for home décor hardware. This round of funding will be used to support the expansion of the team, which operates from a base in Leyton, East London, investments in product design and technology, and sales and marketing,
Annie Aveyard, Co-Founder at Plank Hardware, says: “We are really excited to work with Beringea on this opportunity to scale as a global design led brand in this exciting category”
Tom Revill, Co-Founder at Plank Hardware, commented: “Taking this business from Planks of wood to a funded scale up has been a brilliant journey and I can’t wait to see what the next chapter holds for us.”
Emma Biasiolo, Investment Manager at Beringea, says: “Annie and Tom have tapped into a clear demand for stylish, on-trend design at an affordable price point, and they are rapidly establishing Plank Hardware as the go-to brand for home décor hardware. Beringea has backed the significant potential of the founders, and the growing opportunity in DIY and home renovations.”
