Fresh funds for Bathrooms.com
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Bathrooms.com has closed its second round of institutional fundraising 18 months after completing its first.
Online bathroom furniture and fixtures seller Bathrooms.com has secured Series B funding of £7.5 million.
New venture capital backer Augmentum Capital has supported the business, with existing investor Dawn Capital also partaking in the round.
The new funds garnered will be used by Bathrooms.com to expand its share of a UK market which it says is worth £1.8 billion per year.
Ian Monk, CEO of Bathrooms.com, says, 'There is huge opportunity in the online bathrooms space in the UK and beyond. Online currently represents around 6.5 per cent of the market in the UK, but it's growing at a massive rate and has the potential to grab a significant share.
'Augmentum Capital has a track record of backing disruptive businesses and that, combined with their entrepreneurial track record, was what appealed to us. They can see the potential for this business and we believe that they're the right team to support us in the next stage of our growth.'
Dawn Capital originally led an undisclosed Series A round in the retailer back in October 2010 which saw Chad Raube, investment partner at the firm, join the board of directors.
Bedfordshire-based Bathrooms.com was founded in 2004 and sells a range of bathroom products and suites. The company sells to both public and trade buyers and has been profitable since launch.
Tim Levene, managing partner at Augmentum Capital, comments, 'We exist to identify and back businesses that have the potential to disrupt inefficient marketplaces, and we see the online bathrooms space as just that sort of opportunity.'
Levene believes that outside of the UK £1.8 billion market, Germany and France are the same size and the US represents a potential £10 billion.