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Venture Capital News: Havenly Raises $5.8M Series A Round

DENVER, CO, On-demand interior design startup Havenly is adding $5.8 million to a Series A funding the company announced in November -- bringing the round to $13.3 million total.
According to Xconomy, Havenly wasn't actively seeking more funding, according to a spokeswoman. The latest financing was instead brought on by new investor interest, she says. The add-on was led by San Francisco-based Binary Capital, whose founders have made some big headlines since forming their first fund in 2014 -- and even before that, with prior investments including Twitter, Instagram, and GrubHub.

Havenly's existing investors, Boulder, CO-based Foundry Group and Chicago Ventures, also participated, according to a statement.

Havenly offers custom interior design services through its web application, letting customers pick between revising the design of an existing room ($79) or for an entirely new design of a room ($199). The homeowner would also have to pay for any furniture, painting, or installation costs.

Havenly contracts with designers, who get an undisclosed share of the revenue and a commission for each project they work on. The company plans to add more employees (it has already grown to 30 from 20 since November, along with a couple hundred contractors) and further develop the front and back ends of its technology to improve communication with the designers, make it easier to bring on new customers, and improve design renderings, the company says.
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