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Second round of investment for Mydeco

Article Date:  Sep 03 2008

A home design website founded by the management team behind Lastminute.com has secured £7.35 million in a second round of venture capital (VC) financing. The deal, led by Paris-based VC Sofinnova Partners, takes total investment in Mydeco to more than £12.5 million.

Other investors in this round include London-based private equity firm SRPE, technology investor Amadeus Capital Partners and Burda Cross Media, a division of German group Hubert Burda Media. Seed investor SPARK Ventures did not reinvest, but remains a shareholder.

The business is working towards a full commercial launch later this year, according to executive chairman Brent Hoberman, who co-founded Lastminute.com in 1998.

Adds Hoberman: ‘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.’

Mydeco aims to become the leading marketplace for consumers and suppliers of home design products and services. It was launched in beta form in February and has attracted more than 1.5 million visitors, according to figures from the company.

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