HOUSEOLOGY, the Glasgow-based online interior design business, has raised more than £1 million on crowdfunding platform Seedrs.com.
The company, whose board includes former Tesco chief executive Sir Terry Leahy and Scots internet entrepreneur Bill Dobbie, will use the funds to expand its site, develop new tools and drive growth in key export markets including the United States, Australia and mainland Europe.
“We already have customers in more than 100 countries, but this is about starting to consolidate the territories that we see as having real opportunities for us,” said Houseology founder Kate Mooney, who launched the business in 2010 with the vision of empowering every customer to become their own interior designer.
Formerly known as Occa-Home, Houseology has more than 32,000 customers and turned over £3.7m in the last financial year.
Ms Mooney said the collaborative crowdfunding approach had allowed the company to open up investment to a wider audience including friends, family, customers, suppliers and existing investors.
“I’m absolutely delighted to have been able to test something that was quite unknown to us and to have been as successful as we have been,” she added.
Crowdfund investors will share an equity share of 11.17 per cent and a range of discounts on purchases.
Sir Terry Leahy said: “With the interiors sector dominated by mid to low-end players, there is significant room in the higher end of the market for a challenger brand like Houseology.com to grow.”
Houseology’s other board members include Jill Little, former merchandising and strategy director at department store chain John Lewis, Bob Willett, former chief investment officer at consumer electronics group Best Buy and retail and technology investor The William Currie Group. Mike Welch, founder of Peebles-based online tyre business Blackcircles, also joined the board as a non-executive in January.
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