Hannun, a Spain-based D2C platform that sells furniture and home goods from local artisans, has successfully raised more than €1.2 million through its equity crowdfunding campaign on Crowdcube. The funding round, which originally sought to secure €700,000, has attracted over 540 Crowdcube investors.
As previously reported, Hannun described itself as a digital-native brand that designs, manufactures, and sells ethical furniture, through its own platform. The platform’s network of more than 25 artisans are based in Europe and use eco-certified, non-toxic, and recyclable materials.
“In 3 years, we have built a magnetic platform (5M+ annual sessions) and a relevant catalogue of 258 unique products. Besides, our warehouse-free business model is capital efficient, because our outsourced artisans ship directly to customers. With our values and social media strategy, we think Hannun is well-positioned in the €30Bn+ online European furniture industry (+8.1%/year market growth expected until 2024).”
The company further explained:
“In Europe 10 million tonnes of furniture are thrown out every year, it is estimated that less than 5% is recycled. Hannun’s mission is to put an end to this fast-furniture madness. When Maurici, the founder of Hannun, returned to Spain in 2015, he experienced the difficulty of buying sustainable furniture online. So, he decided to build his own furniture and sell it via his social media account. He received 5 orders in only 5 days. Hannun was born.”
Funds from the Crowdcube campaign will be used to accelerate Hannun’s expansion plans through its international marketing plan and supply chain improvements. The company is now offering 13.06% in equity at a €7.7 million pre-money valuation through the funding round, which is set to close mid-January.
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