Earlier this month, interior design specialists, Houseology.com announces it is seeking £1 million investment through equity crowdfunding platform Seedrs. Within a few weeks, the company has successfully secured nearly 450,000.
Houseology.com, formerly known as Occa Home, was founded in 2010 by award-winning interior designer Kate Mooney, when she identified a gap in the market for a tech-driven interior design service aimed at simplifying the home design process for her busy clients. Her business model of opening up her design studio to both consumers and trade via a digital platform, complemented by a range of over 200 designer furniture and homeware brands, has generated £8.9 million worth of sales to date, a turnover of £3.7m in FY14-15 and more than 30,000 customers in 100 countries.
The new funding opportunity allows the public an opportunity to share in the success of its online interior design and luxury homeware business, along with a board of directors that includes Sir Terry Leahy (former CEO, Tesco), Bob Willett (former CIO, Best Buy), Bill Dobbie (Founder, Iomart), Jill Little (former Strategy Director, John Lewis Partnership) and The William Currie Group.
During a recent interview with This Is Money, Leahy shared details about the funding project:
“Crowdfunding is beginning to get a track record of success. There is a sea change happening in the market. Crowdfunding is growing in popularity – particularly for certain types of businesses. Houseology is the kind of company that is particularly suited because it’s a consumer business with a broad and discerning customer base and many of whom would also be investors.”
Leahy then went on state that fast-growing firms in which investors can take stakes of as little as £10 have the potential to do phenomenally well:
“There’s a good opportunity to spread the risk.”
He added that those who put money into Houseology had kept significant holdings and acted as ‘cornerstone investors’ in the new fundraising. Turnover at Houseology is expected to hit up to £6 million this year and its fundraising values the business at £8.1 million.
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