Technology-led online furniture retailer secures funding led by MMC Ventures
2nd December 2013, London: Wedo, the online furniture retailer, has completed £3M of funding, led by MMC Ventures. This follows the company’s initial seed funding in 2012, when Passion Capital and a selection of private equity investors came together to back Wedo and their vision of simple shopping. All previous key investors have reinvested in this latest round.
Founded by serial tech entrepreneur and founder of Tech4Africa, Gareth Knight, Wedo is an ecommerce furniture retailer, specialising in improving the customer’s online shopping experience, with an easy-to-navigate site and reliable customer service. 2013 has been a standout year for the team, as they have grown to a uniquely experienced team of 40 people, launched a 10,000ft prime retail store in Colchester and successfully grown revenues by 100%.
In 2014 the team plan to build on this impressive growth rate, expanding into broader homeware products - which will be supported by new sites specialising in soft furnishings, bathroom and garden goods. As well as providing greater choice to their growing customer base, Wedo will also use the funding to improve internal logistics and processes, by building new systems that will further enhance the online shopper experience.
Gareth Knight, founder of Wedo, said “I’ve been obsessed with technology for my whole life, and strongly believe in the power of technology to simplify and add value to people’s lives. It has long been my vision to create the most simple and human online shopping experience possible – with detailed product descriptions and an easy-to-use site, supported by a dedicated customer service team. I am delighted that 2013 has seen Wedo grow to make this a reality, and the support we have received from our investors over the past 12 months has been invaluable. We are excited to continuing working with them and to maintain our current growth momentum.”
Rory Stirling of MMC Ventures, said of Wedo: “We believe the broader e-commerce market in the UK and Europe still has a long way to go and that furniture is a particularly underserved part of the market. The Wedo approach to technology will enable them to provide the best possible experience to customers. We’re very excited to be working with Gareth and his team.”
To learn more about Wedo please see the new company video:
Founded in 2011, Wedo, the technology-led online retailer of furniture, is run by an entrepreneurial team who share a passion for making shopping as simple and as human as possible. Wedo aims to stand out from other retailers through its broad, competitively priced product range, detailed product descriptions and user-friendly site. This is underpinned by its London-based and reliable customer service team making home shopping an affordable pleasure.
Wedo offers customers over 100 well-known British brands, including Sealy, Sleepeezee, Julian Bowen, Willis & Gambier, Bentley Designs, Relyon and Hypnos.
About MMC Ventures
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader - particularly financial and business services, business software, digital media and e-commerce. With over £110 million under management, and investing close to £15 million annually, MMC was rated as the third most active early-stage investor in 2012. MMC specialises in fast-growth early-stage businesses, partnering with entrepreneurs and impressive management teams to achieve substantial scale and profitability.
MMC’s existing portfolio includes AlexandAlexa, Base79, Interactive Investor, Knowledgemill, LoveHomeSwap, Reevoo, NewVoiceMedia, Tyres on the Drive, Masabi, TotalMobile, Safeguard, iJento, Small World, Somo and Boticca.