New Investors For avandeo The Munich-based start-up announces next financing round
October 18, 2012
Investing in growth: avandeo, the online destination for designer furniture and home accessories, has secured additional investment from LBBW Venture Capital and KfW Bankengruppe. This funding round, numbering in the high single-digit millions, is also supported by long-term investors Partech International, Mountain Super Angel and High-Tech Gründerfonds (HTGF), ensure the continued growth of the fast-rising start-up.
“The dual leadership of the company lies at the heart of this investment,” says Roman Loch, Investment Manager at LBBW Venture Capital. “Brothers Ulrich and Burkhard Gersch form a thoroughly professional management team, where complementary skill sets are brought to bear. Their sense of trends, combined with analysis and creativity, will decisively secure the future of avandeo.”
For Partech, lead investor in avandeo, the positive trends in the online furniture market are a strong basis on which to build. “Increasing demand from customers is driving strong growth in the online furniture business,” says Andreas Schlenker, General Partner at Partech. “We have invested here because of the focus on selected individual, high-quality products, as opposed to mass-market pieces, without compromising on the Price-Value-Proposition for customers.”
HTGF are similarly convinced, having been involved with avandeo since its inception. Romy Schnelle, Senior Investment Manager says: “With our continued commitment to avandeo we aim to focus on the internationalization of the company. We are confident avandeo’s clear positioning has great growth potential.”
The next stage in avandeo’s growth is already underway. To reach a wider target audience, the 15th October saw the launch of a Germany-wide TV advertising campaign, with adverts on ProSieben, SAT.1, kabel eins and later on Sixx.
For more information about the company visit www.avandeo.de
avandeo is a manufacturer and retailer focused on high-quality designer furniture and home accessories, available exclusively online. Customers purchase direct from the manufacturer, minimizing additional costs, and can save up to 70 per cent. They also have the opportunity to choose creations from both established and up-and-coming international designers in the sites ‘Designpool’ and voting sections.
The company, based in Munich and Shanghai, was founded in 2009 by brothers Burkhard and Ulrich Gersch with the aim of offering premium quality furniture at the best possible prices. Investors include LBBW Venture Capital, KfW Bankengruppe, Partech International, High-Tech Gründerfonds and Mountain Super Angel.
‘avandeo’ is a free elision of ‘avant-garde’ and ‘decoration’
For press information, interview requests and images, please contact:
PR & Social Media Manager
Tel: +49 (0) 89 12 22 80 631
Fax: +49 (0) 89 12 22 80 649
About High-Tech Gruenderfonds
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as fourteen industrial groups of ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 565,5 million under management in two funds (EUR 272 million HTGF I, EUR 293,5 million HTGF II).
High-Tech Gründerfonds Management GmbH
Senior Investment Manager
Tel.: +49 228 823 00 100
Fax: +49 228 823 00 050