CHICAGO, IL, Custom furniture retailer, announced today the closing of a $15 million Series B round of financing.
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Interior Define (I/D), custom furniture retailer, announced today the closing of a $15 million Series B round of financing. The round, led by Pritzker Group Venture Capital and Fifth Wall, will be used to invest in physical locations, technology, and team members that bolster I/D's disruptive approach to the furniture category.
"In 2017 we tripled our revenue for the third year in a row, so this year we were looking for the right partners to help us build towards our mission to offer the most personalized and comfortable furniture shopping experience in the mid-market," said CEO and founder Rob Royer. "The funding will help I/D fortify this mission and continue our growth as we explore new models for retail with the bridging of tech and physical space."
In 2015, I/D opened its first experiential Guideshop location in Chicago, and in 2017 it opened three additional locations: New York, Los Angeles, and Austin. I/D will open at least two more Guideshop locations in 2018, including one in San Francisco scheduled to open in June. That location will expand and elevate the existing Guideshop format through an immersive shopping experience that includes partnerships with several home-related brands. At I/D Guideshop locations, customers receive the personal attention of an expert team of Design Specialists, who help customers realize home design dreams with drawings, mood boards, fabric swatches, and, ultimately, customized home furnishings, complete with free white glove delivery.
"We believe I/D is well on its way to building a category-leading, iconic brand. This is evidenced by their mindshare with interior designers and design-savvy sofa shoppers, as well as their incredible revenue growth," said Sonia Nagar of Pritzker Group Venture Capital.
"There's no denying that the retail industry is changing - no industry is immune to the impact of technology, and the I/D team has developed a model to embrace it," said Brendan Wallace, Co-Founder and Managing Partner at Fifth Wall. "By combining equity investment with access to the owners and operators of commercial real estate across the country, Fifth Wall is excited to partner with I/D to bring our real estate expertise and LPs to the table to help their team develop an omnichannel strategy that includes growth through a brick-and-mortar approach."
To build on its online experience, I/D is also announcing the launch of two technology-enabled brand products. Starting today, the brand introduces an augmented reality (AR) mobile application that empowers customers to visualize any of its sofas in their homes. Customers can understand which products best fit in their space with to-scale product renderings. They can also outfit their desired product with any of I/D's 75+ fabrics and leathers, and get expert recommendations by chatting with a Design Specialist.
In addition, I/D's website now features the Comfort Guide, a visual tool dedicated to helping customers understand the "sit" and construction of I/D's cushions. Through video, photography, 3D modeling, and descriptive content, online customers can better understand what it feels like to sit in a variety of I/D pieces, and how to customize their orders to ensure maximum comfort.
Also participating in the round are inside investors including Peterson Ventures, Listen Ventures, and Breakout Capital. Breakout Capital led the Series A round of $8 million in May 2017 with additional investments from Listen Ventures and Pritzker Group Venture Capital.
I/D is a pioneering digitally-native and vertically-integrated furniture brand, offering the most compelling and in-depth custom furniture experience in the middle of the market. I/D's unique, made-to-order production approach enables customization across configuration, size, cushion fill, leg style, and fabric and leather upholstery. I/D's Design Specialists assist customers whether they're shopping online or off, and every order comes with free white glove delivery and a 365-day return policy. Recognizing the power of a customizable shopping experience, Business Insider named I/D one of "25 Brands Revolutionizing Retail" and Forbes recently described it as "on the forefront of the showroom trend."
About Pritzker Group Venture Capital
Pritzker Group, founded by Tony and J.B. Pritzker, has three principal investment teams: Private Capital, which acquires and operates leading North America-based companies; Venture Capital, which provides early-stage and growth venture funding to technology companies throughout the United States; and Asset Management, which partners with top-performing investment managers across global public markets. Pritzker Group Private Capital acquires North America-based middle-market companies with leading positions in the manufactured products, services and health care sectors. The firm's differentiated capital base allows for efficient decision making, broad flexibility with transaction structure and investment horizon, and alignment with management teams focused on creating long-term value. Pritzker Group brings significant resources, expertise and credibility in building businesses and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit pritzkergroup.com.
About Fifth Wall
Fifth Wall is the largest venture capital firm focused on innovation for the Built World. Fifth Wall is connecting the world's largest owners and operators of real estate with the entrepreneurs and technology innovators redefining how the world interacts with its physical environment. With $265M in assets under management, Fifth Wall is backed by Macerich, CBRE, Lennar, Hines, Equity Residential, Prologis, Host Hotels, and Lowe's Home Improvement. Fifth Wall invests in businesses from all sectors of the Built World, including retail, industrial, hospitality, multi-family, homebuilding, office, and brokerage. In addition to capital, Fifth Wall structures strategic real estate partnerships that accelerate the growth of its portfolio companies. For more information on Fifth Wall Ventures and its partners, visit https://fifthwall.vc.