Wedo, the online furniture retailer, has completed GBP3m of funding, led by MMC Ventures.
This follows the company’s initial seed funding in 2012, when Passion Capital and a selection of private equity investors came together to back Wedo and their vision of simple shopping. All previous key investors have reinvested in this latest round.
Founded by serial tech entrepreneur and founder of Tech4Africa, Gareth Knight, Wedo is an ecommerce furniture retailer, specialising in improving the customer’s online shopping experience. In 2013 the company has grown to a team of 40 people, launched a 10,000ft prime retail store in Colchester and grown revenues by 100 per cent.
In 2014 the team plans to expand into broader homeware products, which will be supported by new sites specialising in soft furnishings, bathroom and garden goods. Wedo will also use the funding to improve internal logistics and processes, by building new systems that will further enhance the online shopper experience.
Knight says: “I’ve been obsessed with technology for my whole life, and strongly believe in the power of technology to simplify and add value to people’s lives. It has long been my vision to create the most simple and human online shopping experience possible – with detailed product descriptions and an easy-to-use site, supported by a dedicated customer service team. I am delighted that 2013 has seen Wedo grow to make this a reality, and the support we have received from our investors over the past 12 months has been invaluable. We are excited to continuing working with them and to maintain our current growth momentum.”
Rory Stirling of MMC Ventures says: “We believe the broader e-commerce market in the UK and Europe still has a long way to go and that furniture is a particularly underserved part of the market. The Wedo approach to technology will enable them to provide the best possible experience to customers. We’re very excited to be working with Gareth and his team.”