London, United Kingdom (PressExposure) October 28, 2008 -- Mydeco, the online intermediary for the home design market, today announced that it has secured Â£7.35M in its second round of funding. Sofinnova Partners, one of Europe's leading venture capital firms, led the round in which other participants included SRPE, Amadeus Capital Partners and Burda Cross Media. This investment follows a seed round last year led by SPARK Ventures (who remain a major shareholder) and takes total funding to date to over Â£12.5M.
Brent Hoberman, mydeco's Executive Chairman commented: "We are delighted to have attracted a top quality investor group in which each individual firm brings real strategic value to the business and whose mix of nationalities reflects our own international ambitions. The closure of this latest financing round validates our achievements to date and will support the full commercial launch of the business later this year."
Alain Rodermann, Partner at Sofinnova Partners, added: "We believe mydeco has the potential to become a category killer in the home design industry. We are delighted to be backing a world class team with the vision and expertise and ambition to establish a global leadership."
Mydeco aims to become the leading marketplace for consumers and suppliers of home design and furnishing, a sector estimated to represent over $200 billion of annual spending in the US and Europe but whose online potential has been barely tapped. The company's innovative technology revolutionises the shopping experience for consumers, allowing them to browse, compare and buy products from hundreds of top quality and specialist retailers. Since beta launch in the UK in February 2008 the site has attracted over 1.5m visitors.