Dive Brief:
- Online interior design startup Havenly has scored another $5.8 million investment, bringing its Series A financing round, led by Binary Capital, to $13.3 million. Foundry Group and Chicago Ventures also joined in the round.
- Havenly provides professional online interior design consultations and solutions for a per-room fee of $79-$199, depending on the level of service.
- Havenly said it plans to use the money to increase its staff by 25% and to develop back-end technical and marketing operations.
Dive Insight:
Havenly co-founder Emily Motayed told TechCrunch that designers — who work as contractors for the company — also get a piece of each project. Havenly, which launched in 2014, has drawn 25,000 registrants in the last month and a 30% month-over-month increase in customers. The startup said 20% of its customers return for additional design advice, with the typical customer redesigning about a room and a half.
Online platforms in the construction space have drawn major public and investor interest. Last year, Decorist, a home design startup, raised $4.5 million in funding from Lowe's, the Women's Venture Capital Fund, and other undisclosed angel investors.
And in February, another construction design startup, Architizer, secured a significant investment of $7 million. The company snagged the multi-million dollar Series A financing to support the continued development of its online product sourcing and specification tool for architects.