The British start-up claims that a “new global institutional investor ranked 1” has made a significant investment commitment in the furniture business. This mysterious investor is ready to conduct a new round of $ 56 million (£ 40 million) with existing investors Partech Ventures, Level Equity and Eight Roads Ventures also participating.

Seems like the round of financing is not over yet, so could end up raising more than that.

More interesting, the company shared some details about its balance sheet. In 2017, the company has been profitable in the United Kingdom, France, Belgium, the Netherlands and Luxembourg. And if you take into account the entire company in all the countries where it operates, is currently in positive cash flow.

In 2017, the company generated net income of $ 178 million (127 million pounds sterling), an increase of 40% over 2016. So it seems that is on the right track way.

And that is why the company also announced that Adrian Evans will join the company as chief financial officer. He previously worked at Yoox Net-A-Porter. This version seems that now optimizes the company for a potential IPO.

The company sells quality furniture at an affordable price. wants to disrupt high-end furniture stores by controlling everything from manufacturing to the e-commerce platform. In this way, the company does not have to pay as many intermediate players and can offer lower prices.

As e-commerce also becomes the norm, it fosters competition with furniture giants like IKEA. Going on the website is as simple as going on the IKEA website after all.