MYCS SECURES €10M TO PERSONALISE FURNITURE RETAIL
20 Jun 2018
International investor Beringea leads Series B funding round to accelerate global expansion and to build the immersive online retail experience of the future
LONDON, 20 June 2018: MYCS, the European leader in personalised furniture ecommerce, today announces it has raised €10m to expand its international footprint and to provide an immersive customisation experience for its users.
Beringea, the international growth capital investor, has led the Series B funding round, alongside Zimmerman Investments and existing shareholders.
MYCS has pioneered a personalised shopping experience in furniture, providing shoppers with the tools to customise the design, size, material and colour of its entire product range of wardrobes, sofas, shelving, tables and chairs. MYCS has used this innovative approach to tap into growing demand for immediate, convenient, and engaging customisation.
The MYCS website features photorealistic 3D configurators, which shoppers can use to customise furniture in real-time to their personal tastes and needs. The configurator technology developed by MYCS is highly advanced, offering high standards of visual quality, real-time interaction, and design freedom. Through this modular configuration, supported by streamlined operations, MYCS is able to produce and deliver the customised furniture at fair prices and at speed. As a result, MYCS has scaled rapidly since its launch in 2014, reaching revenues of €10m in 2017 and continuing to grow quickly in 2018.
Supported by the insights and experience of international investor, Beringea, MYCS will also strengthen and expand its European footprint – currently covering Germany, Switzerland, Austria, and France. MYCS can also be experienced first-hand in seven showrooms in major cities including Berlin, Paris and Zurich.
Kachun To, Co-founder and Managing Director of MYCS, commented: “Our rapid growth is testament to exceptional demand for online shopping experiences tailored to the personality and lifestyle of furniture buyers.
“Our next chapter will focus relentlessly on this personal experience and creating an immersive global platform. The strategic expertise of Beringea, an international investor that has backed and built a number of online retail success stories, will prove valuable to this next phase of growth.”
Maria Wagner, Investment Director at Beringea, commented: “MYCS has enabled shoppers to get customised furniture fast – something that has traditionally been very difficult to offer. As a result, it has quickly established itself as one of Europe’s fastest-growing online furniture retailers. We were very impressed with the co-founders, Christoph Jung and Kachun To, and their vision of putting personalisation at the heart of furniture retail – we look forward to joining them on this journey.
“Beringea has backed a number of online pioneers in personalisation, including Monica Vinader and My 1st Years. We view this as the next wave of ecommerce – consumers want custom-made products and a personalised experience delivered at the speed of online retail. Innovators like MYCS are using new technologies to meet this demand at scale.”
Notes to Editor
Ellie Crocker, e: email@example.com t: +44 (0)7901 947111
MYCS was co-founded in Berlin by serial
entrepreneurs Christoph Jung, Kachun To, Claudio Bredfeldt and Kai Sap in May
2014. Their vision was to create a new buying experience in the furniture
segment and to make customisation the new normal. MYCS’ photorealistic 3D
online configurator has revolutionised the customisation experience for the
consumer. The start-up launched its online platform in mid-2015 and closed the
first year with a run rate of €5m. Every third existing customer returns to
MYCS within an 18-month period.
Beringea is a highly active growth capital investor with $715m under management and offices in the UK and US. It supports high-growth businesses with annual revenues of more than £1 million, investing between £1 million and £20 million to help companies scale. With a successful track-record of investments spanning 30 years, Beringea has more than 60 portfolio companies across its US and UK offices. The company has a history of strong partnerships with management teams, often reinvesting in its successful entrepreneurs. Its core areas for investment include digital media, business software and services, and consumer industries. With an extensive range of expertise across the team, and an ability for spotting and following opportunities, Beringea’s portfolio includes companies in a range of sectors, and its team continues to be at the forefront of emerging trends.