The website was launched in early February, and allows users to decorate and furnish their homes online with an online shopping facility combining with 3D room planning tool, whereby users can see how the products would look in their rooms using either a pre-existing template or uploading photos of the users own room. It offers over 1,000,000 products from over 500 retailers including Argos, John Lewis, the Conran Shop, Village, and Graham and Green.
This latest funding round, the second since the company was formed in early 2007, sees SPARK return as both the lead and the largest investor. The London-based venture firm bought together a host of investors for mydeco.com, including Arts Alliance, the UK technology VC firm which backed lastminute.com; Lord Rothschild’s family interests; Edward Atkin, founder of Cannon Avent; Marc Worth, founder of Worth Global Style Network; and Yoo Ltd, the property branding, design and investment company led by John Hitchcox and Philippe Starck.
Tom Teichman, chairman of SPARK, joined the board of mydeco as a non-executive director early last year. He said: “The mydeco team is one of the most experienced and dynamic in Europe, with a proven track record of building market leading, sustainable online businesses. As longstanding investors in lastminute.com, we have a strong history of working with the team and that they decided to come back to us with this new venture is a strong endorsement of our successful collaboration. We see this as a great opportunity to work with them again and to building another world-class business.”
Mydeco was founded in February 2007 by Brent Hoberman, who co-founded lastminute.com in April 1998 at the age of 29. Lastminute.com floated in March 2000, survived the dot.com crash and was acquired by Travelocity Europe for US$1.1bn in July 2005.
A keen angel investor, Hoberman has invested his own money in a range of companies including moveme.com, viagogo, t5m, imagini.net and academia.eu.
Speaking of his newest project, Hoberman said: “mydeco helps users to get more out of their home. The site empowers consumers by giving them unrivalled choice, design advice and unique room-planning tools. As a nation, we spend about £14bn a year furnishing our homes – yet until now, the internet hasn’t been used to bring it all together and make the customer’s shopping experience easier and more enjoyable. mydeco gives users everything they need to shop wisely, stylishly and confidently, and importantly all in one.”