The innovative online furniture platform, Eporta, has successfully secured £5.67 million in a Series A funding round. This significant investment aims to revolutionise how businesses, from designers to developers, source and purchase furniture directly from global manufacturers.
Eporta’s £5.67 million funding was led by the US investor Canvas Ventures. Other contributors included prominent venture capitalists such as LocalGlobe, Oxford Capital Partners, Talis Capital, and Samos Ventures, alongside notable angel investors like Guy Hands, Betfair co-founder Ed Wray, and Zoopla co-founder Simon Kain. This diverse conglomeration of investors highlights the confidence in Eporta’s business model and growth trajectory.
Founded in 2015 by Aneeqa Khan, Eporta emerged from her personal experience struggling to find quality furniture for her Brixton flat. Khan said, ‘During my time at Zoopla I bought a flat in Brixton and was basically struggling to find furniture for it.’ Her solution was to create a platform bridging the gap between manufacturers and trade buyers.
This new influx of financing will enable Eporta to expand its team beyond its current 28 employees in Clerkenwell, London. They plan to establish their first office outside the United Kingdom. Additionally, Eporta plans to diversity its offerings by launching new product categories, including fabrics, bathrooms, and surfaces. This strategic expansion will likely increase their market presence and appeal.
Eporta’s business model simplifies the purchasing process for trade buyers, offering direct access to a vast array of global manufacturers. By streamlining this aspect of the procurement process, Eporta significantly reduces barriers traditionally faced by designers and developers in the furniture industry. This model not only benefits buyers but also provides manufacturers with a platform to reach a wider audience.
As Aneeqa Khan highlights, ‘Our manufacturer base is now the largest global database of manufacturers online for trade.’ This expansive database ensures that Eporta can offer an unparalleled selection of furniture options. With this comprehensive resource, trade buyers have more opportunities to source unique and high-quality pieces.
Looking ahead, Eporta’s focus is set on increasing its footprint in the international market. The creation of a broad array of product categories will cater to a wider clientele base. Moreover, doubling their workforce and venturing into new geographical locations will enhance their capacity for growth and innovation.
Eporta’s recent funding marks a pivotal moment in its growth journey. The support from esteemed investors signifies a strong endorsement of Eporta’s innovative approach to revolutionising the furniture industry by bridging manufacturers with trade buyers.
By securing substantial funding and planning strategic expansions, Eporta is poised to redefine the landscape of the furniture industry, offering unprecedented access to both manufacturers and trade buyers. The future looks promising for this forward-thinking enterprise.