Mydeco.com
Mydeco.com, founded in 2007 by the creators of lastminute.com, who we also backed in 1997, has seen strong growth in its business with over 1.5million unique visits over the last few months. SPARK led the founding round and raised over £5 million for the venture from some influential value added investors. The high visitor level already positions mydeco as the number one portal for home design in the UK. New functionality that has been introduced over the last two months such as a visual colour palette search, panoramic views of 3D rooms and the BCIS costing tool keeps customers coming back and engaged. This is unique technology for a retail site.
Mydeco has created some interesting partnerships with well-known brands, such as Sony and Smeg, both of which have run integrated marketing campaigns across the site reaching their audience through design competitions, editorial and micro-sites. As well as partnering with brands onsite, mydeco is also about to roll out two of their tools onto third party sites. Channel 4 has just launched mydeco's 3D Complete Room Planner and product search allowing home enthusiasts to browse for products and test their interior skills whilst staying on Channel 4's site. This is the first of many partnerships, which should also transcend the offline world and even move into TV.
Whilst there has been focus on introducing new functionality to the site, mydeco has also remained focused on the core of its business, shopping. It has partnerships with over 200 retailers including major brand names like John Lewis, Marks and Spencer, Habitat and IKEA, and 85 design boutique suppliers who have captivated the interiors press ensuring that mydeco is regularly featured in consumer titles. Retailers have been keen to work with mydeco and increasingly supply exclusive offers.
Mydeco has recently raised new capital - £7.5 million - from strong investors – including a leading German publishing group- at a significant uplift to SPARK’s investment price last year. It has also struck important unique cooperation deals with some of the world's leading interior designers, including Philippe Starck and Sir Terrence Conran.
While it is early days and mydeco has been operating in beta form until now, it will launch the final product in the coming months. Reaction to this will be important in determining mydeco’s success.
09/09/2008 - SPARK Venture's backed Mydeco secures £7.35m second round funding
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