Fashion for Home, a leading European online shop for designer furniture, has completed a new funding round led by Acton Capital Partners. The existing investor Holtzbrinck Ventures also participated in this recent financing round. The total value of the funding is in the lower double-digit millions. As part of the transaction, incubator Rocket Internet has sold its shares to the other investors. Last month, the startup incubator of the infamous Samwer brothers already closed down its fab-clone Bamarang (a shopping club for design furniture etc.).
You might ask: Is Rocket Internet pulling itself back from the furniture market now? I don’t think so. The Samwer brothers are very interested in the online furniture market, since it’s the next logical step of the ecommerce evolution. It’s more likely that Rocket Internet is just trimming its portfolio. They still have Westwing, Home24, Mobly and some other startups that aim to enter the worldwide market for selling furniture online.
Fashion for Home, which is based in Berlin, was founded in 2009 and sells designer furniture in Germany, Great Britain, the U.S., Austria and the Netherlands. The young company already employs a workforce of some 130 people and currently generates sales in the mid two-digit millions.
Sebastian Wossagk, partner at the new investor Acton Capital Partners stated: “Fashion for Home operates in a very large, traditional market. The share of online sales in furniture retail is currently still low. The trend towards purchasing furniture online is, however, visibly growing,”. He continued: “Because Fashion for Home purchases directly from the manufacturer and cuts out the middleman, they are able to offer their customers high-class furniture, both in terms of design and quality, at highly attractive prices,”.