Made.com has secured £5m of financing from Silicon Valley Bank to help it expand in its UK and international markets.
Silicon Valley Bank, which specialises in funding tech businesses and has opened a branch in the UK, will provide the online-only furniture retailer with a £5m debt facility.
Financing comes shortly after it emerged Made.com had hired ex-Play.com finance boss John Clark as its first chief financial officer to prepare for growth.
Clark said: “Silicon Valley Bank brings deep sector knowledge and experience in supporting innovation businesses with high growth potential.
“By working with Silicon Valley Bank, we hope to more quickly realise our ambition to become Europe’s leading online destination for home design.”
Silicon Valley Bank vice-president Andrew Hunter believes Made.com has a “disruptive ecommerce business model that sets it apart from the market”.
He added: “Despite only launching sales operations outside the UK last year, international revenue already makes a very significant contribution to Made.com’s total revenue.”
This month the etailer revealed that sales surged 68% to £26.3m in 2013 but operating losses widened from £3m to £5m as it invested in its European roll-out.
Made.com, which was set up by Ning Li and Lastminute.com founder Brent Hoberman, has hired bankers Citigroup, Peel Hunt and Rothschild to look at options that could include a stock market listing.
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