London-based furniture startup Made.com to raise $141 million in an IPO
Made.com is a London, England-based e-commerce platform that directly provides designer furniture without third-party involvement. The company was founded by serial entrepreneurs Ning Li and Brent Hoberman, together with Julien Callède (COO) and Chloe Macintosh. Brent Hoberman is also the co-Founder of PROfounders Capital, and Founder and Chairman of mydeco.com
Today, Made.com announced that it plans to go public by floating at least 25% of its shares on the London Stock Exchange. The 11-year old startup aims to raise approximately £100 million ($141 million).
Made.com joins the list of other tech startups that have listed on the London stock market this year. Others include cybersecurity startup Darktrace, food delivery firm Deliveroo, and online greeting card seller Moonpig.
Meanwhile, Made.com did not disclose how much it plans to sell its shares for or the valuation it is targeting, but reports have put it at around £1 billion. Made will use the IPO proceeds to expand into the eight markets it already operates in and reduce the lead times on its products, which include coffee tables, chairs, beds, and sofas.
Founded in 2010, Made.com is an online furniture designer and retailer specializing in accessible, high-end design. The company uses AI to reduce consumer costs and operates in 13 European countries. Just like most e-commerce platforms, Made does not own any of its factories, instead, it commissions factories to meet its orders.
Headquartered in London, England, Made also operates regional offices in China and Vietnam. In addition, it operates warehouse and distribution facilities at London Gateway and in Ipswich. In March 2020, the company confirmed it withdrew from Denmark and Sweden to focus operation on its key markets, although it did not rule out returning in the future.
Made.com said its gross U.K. sales climbed to £165 million in 2020, while gross sales in continental Europe were up to £150 million.
Philippe Chainieux, CEO of Made.com, said in a statement: “The business is fast growing and we have demonstrated the capacity of our brand and customer proposition to travel well.”
“Around half of our sales are outside of the UK and we are aiming to be the leading home destination in Europe for the digital native,” he added.