Online furniture and home retailer WorldStores has secured £10 million to fund growth plans.
The funding from new investor Serena Capital and existing backers Balderton Capital and Advent Venture Partners takes the total raised by WorldStores so far to £20 million, the Sunday Telegraph reports today.
The Twickenham-based firm, founded by Joe Murray and Richard Tucker in 2007, claims to be the UK's biggest online home and garden retailer and expects turnover to be £75 million this year. They want to extend its 500,000 product lines, many of which are shipped by WorldStores directly from 800 suppliers using third-party carriers. It relies on technology to communicate the levels of stock each supplier is holding.
'What we offer is huge choice, fast delivery and service. We know you can’t post a sofa through a letterbox and it’s a big deal for customers to stay at home and wait. We’re working on being able to offer two-hour delivery windows,' Murray told the paper.
The firm said it bases the names of its 60-plus web sites on terms shoppers use to search for products. For example, it changed the name of TrampolinesWorld to OutdoorToysWorld based on analysis of search and purchasing behaviour, it said.
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