Fy!, which claims to be on a mission to help everyone “feel great” about their home – “disrupting” a £600 billion market along the way, has secured 103% (£2,899,068) of its £2,810,003 target from 688 investors via Seedrs, with 7 days left in the firm’s crowdfunding campaign.
Located in London, Fy! operates in the Home & Personal sectors (Digital B2C).
Incorporated in March 2014, the firm reports a Valuation (pre-money) of £41.2 million; Equity offered: 6.57%; Share price: £18.21; Tax relief; EIS.
“Co-investor” Republic is also adding to the funding round. Republic purchased Seedrs last year and has stepped up the number of trans-Atlantic funding rounds. Typically, Republic will offer European investment opportunities within its private deal room as Reg D offerings.
Here are the business highlights:
- UK’s “most loved” home & living marketplace – 4.7/5 on Trustpilot
- Sales of £24m in 2021*, over 825,000 happy customers
- More rugs than IKEA, furniture than Made and art than John Lewis
- Backed by Hoxton Ventures, Forward Partners and 500 Startups
Key features are as follows: Secondary Market; Seedrs nominee min. £18.21 +.
As noted in the update, shopping for your home “should be fun, but existing online and offline retailers struggle to deliver.”
Shops, limited by space, “offer narrow selections, and traditional marketplaces end up with overwhelming, impersonal shopping experiences driven by search.”
Consequently, despite the home and living market being worth £600bn, “just 14% of that takes place online (based on 2019 figures).”
Traditional eCommerce was “created for desktop and for search but shopping for the home is different, for two reasons.”
- It’s browse-based – shoppers often don’t know what they want until they see it.
- Home and living is hugely fragmented, making it hard for shoppers to find inspiration, and for brands to be discovered. This makes it perfect for a marketplace.
As mentioned in the update:
“We’re building the best way to style your space – a visual, discovery-driven shopping experience that curates the world of home and living around you. And we’re using data, machine learning, and inspirational content to curate this assortment at scale, For You.”
They also shared:
“To our knowledge, we’re the first and only home and living shopping experience that learns your style and gets smarter as you go. Join us, and help us become the world’s number one home and living marketplace.”
As a consumer marketplace, their revenues “come directly from shoppers in the UK, US, Europe and Australia.”
They work with “a broad mix of suppliers who fall into one of two categories: those who produce 1st party, exclusive products on-demand, and those who dropship their products directly to our customers.”
Commission levels vary, but their “blended gross margin is 65%.”
Crucially, they don’t purchase or hold “any inventory in either fulfilment model, and we’re not involved in warehousing or logistics.”
They own “the relationship with the shopper and unlike many other marketplaces, provide end to end, high-quality customer service.”
- The home and living category is huge, unbranded and fragmented.
- Being a marketplace means we can build a massive assortment of products and product categories quickly, with zero working capital requirements.
- This allows us to offer shoppers an ever-larger, unique assortment of products.
The company further noted that they “utilize real-time data and machine learning to ensure that the shopping experience feels curated, relevant and never overwhelming.”
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