In a world where furnishings startup Fab.com ended up in a fire sale after raising over $336 million, proving that it’s “curation” business model simply hadn’t worked, Made.com has been a complete contrast. Based on working directly with designers of anything from sofas to bicycles, Made avoided the US and gradually built a significant European business. Today it’s confirmed a new fundraising of $60 million growth round to accelerate its European expansion led by Partech Growth Fund and supported by Fidelity Growth Partners as well as existing investor Level Equity.
The business is already strong in the UK, France, Italy, Germany, Belgium and The Netherlands, which combined have an estimated market size of over £100bn. In particular, it’s doing well in Germany, where Fab famously disintegrated.
Made works with some 50 designers and works closely with manufacturers across the world to offer consumers products at prices up to 70 percent below the typical high street price for equivalent products, while operating a “fast fashion” business model that enables it to adapt to changing trends.
Ning Li first conceived of MADE while trying to furnish his own flat in Paris, and wanting to get inexpensive, good quality, designer furniture. Together with Brent Hoberman, Julien Callede and Chloe Macintosh, the latter of whom left in June. Made.com’s founders still retain the majority stake. Ning launched Made in the UK in April 2010.
It’s also appointed retail guru Susanne Given, formerly of SuperGroup Plc and The John Lewis Partnership as an independent director to the board.
Made.com revenues grew 63 percent last year, hitting £43m. International sales are at 30 percent of turnover, which, Li says, will rise to 50 percent “in the near future.”