Online Furniture Shop MyFab Raises €5 Million In Series B Funding
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.