WorldStores, one of the leading UK based online retailers of products for the home & garden, has recetly announced an investment round led by Advent Venture Partners to support the next stage of its successful expansion.
Advent and existing investor Balderton Capital have provided funds of £8.5 million. This will enable WorldStores to expand rapidly into some new categories and to develop further its delivery and service offering.
WorldStores was founded back in 2003 by Joe Murray and Richard Tucker and operates currently 77 specialist web stores including BedroomWorld.co.uk, ShedsWorld.co.uk and others. The company’s online stores seek to offer a wide range of goods in their product category to maximise customer choice. WorldStores already sells around 175,000 different product lines. Most products are available for next-day delivery and the company has just stated that is rolling out improved delivery options across its range.
Mike Chalfen (general partner, Advent) will join the board of WorldStores, alongside Mark Evans (partner, Balderton Capital).
Mike Chalfen said in relation to the investment: “WorldStores is a great fit for our growth investment strategy and one of our focus areas – e-commerce. The business is proven, distinctive, and growing fast. The founding team is outstanding and we’ve already built an incredibly constructive relationship.”
Joe Murray, co-chief executive, of WorldStores, stated: “This investment allows us to realise our goal of developing WorldStores into a very substantial and profitable business via our winning combination of market-beating choice, great delivery and customer service, and good value for money. With the backing of Advent and Balderton, we are perfectly positioned to achieve our ambition to be the leading online brand for home and garden products.”