Designer furniture at 50 to 80% discount.
MADE.com Raises $9.2 Million In Funding
The business model of providing an online outlet for traditional brick and mortar purchase s has paid off nicely for big ecommerce websites like Amazon.com, and it seems it is a sort of reinvented paradigm for new start-ups. One such company looking to capitalize on this paradigm is Made.com, a London-based start-up that specializes in designer furniture sold online at factory prices. Launched in April 2010, by serial entrepreneurs Ning Li and Brent Hoberman, the young company has seen tremendous growth in the last year or so. This growth has apparently caught the eye of investors, because Made.com is boasting £6 million or $9.2 million in new funding.
The new round of funding was led by New York-based growth equity investor, Level Equity, with some of the funds coming from founding investors, PROfounders Capital. The money is expected to be used in fuelling international expansion of the website which currently has over 100,000 customers sourcing goods at 50-80% of retail prices. The money will also be used to shore up operations at the growing company which now sees over 600% profitability and growing base of employees, now standing at 45 in total.
This is good news for Made.com overall, but the fact that people who ostensibly want to spend lots of money to separate themselves from the rest of us, are now looking to save money on luxury items is worrying indeed. If they can’t buy stuff, how are we supposed to cope?
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