Amsterdam-based online interior outlet NADUVI, which offers items from popular interior brands with huge discounts, has raised $10M (approx €8.17M) in its Series A round of funding led by Begin Capital. The round also saw participation from All Iron Ventures, FJ Labs.
In addition, existing investor Slingshot Ventures, and a number of undisclosed Angel Investors, including Marco Pieters, managing partner of Slingshot, invested in this round.
Alex Menn, founding partner at Begin Capital, says, “NADUVI is building a technological platform that allows consumers to purchase beautiful interior brands at significant discounts. We are impressed by the team and the strong growth of the brand in a short time and believe it has great international potential.”
Funds for supporting recent growth
NADUVI celebrated its first birthday in March this year and claims that it has been growing with double figures each month. And the raised capital from this round will be used to reinforce the platform’s fast growth. Itai Gross, founder & CEO of NADUVI said, “We can look back on an excellent first year. This new funding round demonstrates that investors believe in our vision. Our goal is to become the largest online interior outlet in Europe and offer all customers great items at major discounts.”
The firm also mentions that the funding will be used to continue its rapid expansion and enter new European markets.
Outlet for interior items
NADUVI is an online home and living outlet that offers over 250 brands and a mixture of over 25,000 products, with discounts ranging from 30 per cent to 80 per cent. The platform enables brands to sell and deliver directly to consumers.
The firm was launched by Itai Gross in March 2020, with its head office located in Amsterdam. Over the past year, NADUVI has expanded its supplier portfolio as new products and brands are added on a daily basis. This helps the platform attract customers who keep coming back to the website.
The company has reported that about a quarter of its customers made repeat purchases in the first months – a figure which is still growing monthly. Gross adds, “We see that the model works and will continue to invest in growing our range, strengthening our team, developing our technology and expanding internationally.”
How does NADUVI always offer discounts?
The company claims to work with selected interior brands who change assortments quickly, leaving products from previous ranges. This means NADUVI can sell the previous product at a discounted price as well as receive its next range of products from the brands.
According to the company, “When you place an order on NADUVI, you buy the product directly from the supplier, which saves money. This also contributes to the great prices of the articles on our website. You are happy with a discount, and we are happy that already produced stock gets a nice destination!”
Active in three markets within a year
The platform is currently active in the Netherlands, Belgium and recently in Germany – since April 2021. Hugo Fernández-Mardomingo, partner at All Iron Ventures said, “We believe the online category of permanently discounted furniture has been under-penetrated for many years. From that perspective, we are excited to be supporting NADUVI’s team of e-commerce veterans and believe in their international expansion strategy.”
Back in April 2020, the company had raised €1.1M from the growth of its platform. The investors back then included Slingshot Ventures, the entrepreneurial fund and others such as Patrick Kerssemakers (Fonq), Ralph Cohen (IceMobile), and Gennie Freen (Scoupy).
Who are the new investors?
NADUVI’s current round was led by Begin Capital. It is a UK-based VC fund that backs sharp entrepreneurs across Europe and the US. Founded in 2019, Begin Capital raised two funds and primarily invests in Seed and Series A rounds. The firm’s founding partners have already backed more than 25 startups with a focus on AI, enterprise software, marketplaces and e-commerce.
As for All Iron Ventures, it also partners up with bold founders promoting innovative startups and investing in the early stages of European companies. Based in Bilbao, Spain, and with approximately €110M under management, All Iron Ventures was promoted by the founders of Ticketbis, a global marketplace sold to eBay in 2016.
Another new investor in this round includes FJ Lab. It is an early-stage venture firm/startup studio focused on online marketplaces and consumer Internet companies. Founded by serial entrepreneurs Fabrice Grinda (OLX, Aucland, Zingy) and Jose Marin (Deremate, IG Expansion), FJ Labs has backed over 600 companies, including Alibaba, Blablacar, Byrd, Catawiki, Delivery Hero, Dott, Farfetch, Klarna, Stripe, and Uber.
