Paris-based MyFab has just raised €5 million in a second round, coming from previous investor Alven Capital and led by BV Capital. The total amount invested in the company is now €7 million. MyFab – which is currently available only in French and German – is an interesting e-commerce play in that its mission consists of cutting out all middlemen in the process of consumers buying furniture.
According to the company big furniture brands – particularly those wearing the ‘design’ hat – often outsource the whole manufacturing process of sofas, lamps, etc. to factories in foreign countries and charge ridiculous prices for the end-product compared to the total cost of production. MyFab basically wants to provide a way for people to buy these goods straight from the source, by partnering up with factories from across the globe directly. The startup claims that this strategy can lead to reductions on furniture up to 90% off the average retail price.
MyFab has raised the additional sum to prepare for an international roll-out and also to expand into other verticals e.g. fashion. It currently has about 600 items in stock and works with some 80 employees located all over the world.