Technology-enabled retailer Wedo has built on the seed capital it raised in 2012 by closing a £3 million venture capital funding round.
MMC Ventures has joined Passion Capital and other private investors as a backer of London-based online furniture e-commerce business Wedo.
The venture capital firm is leading a £3 million funding round in the business, which was set up by Gareth Knight in 2011 and has grown revenues by 100 per cent during 2013.
Knight comments, ‘I’ve been obsessed with technology for my whole life, and strongly believe in the power of technology to simplify and add value to people’s lives.
‘It has long been my vision to create the most simple and human online shopping experience possible – with detailed product descriptions and an easy-to-use site, supported by a dedicated customer service team.’
Existing investor Passion Capital, which recently invested in Bitcoin exchange Coinfloor, has followed up on the seed money it provided in 2012 by joining MMC Ventures in the new transaction.
The funding banked by Wedo will be put towards improving internal logistics and process, building new systems and building what it calls the ‘online shopper experience’.
Rory Stirling, partner at MMC Ventures, adds, ‘We believe the broader e-commerce market in the UK and Europe still has a long way to go and that furniture is a particularly underserved part of the market.
‘The Wedo approach to technology will enable them to provide the best possible experience to customers.’
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For the coming year, Wedo plans to expand into broad homeward products by opening new sites specialising in soft furnishings, bathroom and garden goods.