Online furniture specialist WorldStores has raised £10m to support the rapid growth of the business from private equity firms.
The injection of capital follows an investment round led by Serena Capital backed by existing investors Balderton Capital and Advent Venture Partners.
WorldStores, which wants to become the ‘Amazon for furniture’ said the funds will allow it to continue to invest in growing its supplier network and in the ongoing expansion of its product range, which now exceeds more than 500,000 lines.
Founded by co-chief executives Joe Murray and Richard Tucker in 2007, the company is forecasting sales of £75m this year.
WorldStores’ sales grew by 50% last year and it attracted 200,000 new customers during the period.
The etailer said its range is more than 15 times greater than that carried by its traditional store-based competitors and it has over 800 suppliers on its platform.
Tucker said: “We’re delighted that the backing of Serena Capital and our existing investors will enable WorldStores to continue to invest in the company’s exciting growth.
“This will allow us to extend our network of supplier relationships still further, and to offer an even greater choice to our consumers. We will continue to invest in the development of the business and our brand, now supported by TV advertising.”
Serena Capital managing partner Marc Fournier said: “We are most impressed with the company’s accomplishments and its ability to become a national UK leader in such a short period of time.
“We look forward to supporting the management and the company in these exciting times of fast growth. Serena Capital will participate in making WorldStores a unique online retail leader for the home through the depth and quality of its products and through the excellence of its customer experience.”