With the goal of creating an ideal online experience for design and decor, Havenly had an impressive Series A2 round of funding, led by Binary Capital and existing investors Foundry Group and Chicago Ventures.
- Havenly, a national online design platform, has raised $5.8 million in Series A2 funding led by Binary Capital and existing investors Foundry Group and Chicago Ventures.
- The company will use the $5.8M to increase its team, improve its front and back-end design, implement a streamlined communication process with designers and produce better design renderings.
Havenly, a national online interior design platform, has raised an additional $5.8 million during its Series A2 round of funding, led by Binary Capital and existing investors Foundry Group and Chicago Ventures.
This announcement comes on the heels of the company’s $7.5 million Series A funding in November 2015, bringing its total funding to $13.3 million to date.
Company offers personalized design advice
Havenly aims to make professional interior design available to everyone through an accessible, easy-to-use platform. New customers take a style quiz to determine their taste, and for $79 flat fee, one of the company’s designers will provide consulting services.
At the end of the process, customers will receive a design rendering and a list of furniture and decor to achieve the look.
In a press release, the company boasts a 900 percent year-over-year increase in revenue and a 100 percent increase in the number of employees within the last quarter.
Moreover, CEO and co-founder of Havenly Lee Mayer says the company’s more than 50-percent customer return rate following a user’s first transaction is a testament to its ability to make the design process affordable and enjoyable.
Havenly’s co-founder Emily Motayed says the company’s ability to attract and retain investors shows the strength of its design innovation efforts and a talent for connecting with consumers.
“I think the first biggest thing is the amount of traction we’ve received and the amount of consumers we have coming to us is indicative of the fact that people really like what we’re trying to build, and really appreciate what we’re trying to do,” Motayed said.
“We’re really trying to build an end-to-end e-commerce experience, and design is a great way to get people to the point where they’re more comfortable buying a sofa or big ticket item when they can see what it will look like in their space.”
A huge market to play in
According to a press release, this round of funding will allow Havenly to expand its team of 30 to 40 people by 25 percent in summer 2016 and refine the algorithms and the front and back-ends of the design platform.
The specific upgrades will include a simplified process for communicating with designers, easier onboarding and improved design renderings. Additionally, the funding will go toward optimizing the day-to-day operations of the company.
Furthermore, Motayed says this round of funding will help reach Havenly’s ultimate goal of becoming to go-to design platform.
“The furniture industry and the furniture marketplace is huge. It’s a multibillion dollar industry in terms of the amount of spending that millennials spend on furniture, which is really great to see,” Motayed said. “We’re trying to be the first place you go when you want to buy new furniture or decor for your home.”