Pinterest-fails and design disasters are no joke especially when they cost money and create frustration. Nothing dims a room like fighting with your significant other over the couch color.
Modsy, an ecommerce company that creates 3D renderings of customized rooms, wants to help. The company, which addresses the “technological hole in the interior design market” brings those of us who are inspired to make a beautiful room but struggle to execute, into actionable reality.
On Tuesday, the company raised $37 million from TCV, bringing its total funding to $71 million, it said in a blog post.
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CEO Shanna Tellerman said that in the “home design space, the inspiration category is thriving.”
“Pinterest just IPO’d, and it seems as if every TV channel is entering the home design category,” she told Crunchbase News. “Meanwhile, ecommerce sites have barely changed since the introduction of the Internet.”
Users enter measurements of the room they’re hoping to redo into the Modsy system along with their budget and style preferences. Then, the company delivers the customers two custom designs, explained Tellerman.
Then, users tweak the room to include accessories/accents etc. and when finished, they can buy furniture from the rendering.
Tellerman was inspired by her own experience being overwhelmed when she moved into a new house with her husband.
“We were unable to visualize exactly how pricey new furniture items would fit in the space so ultimately we ended up with a half-finished home that we didn’t love,” she said.
The company said it has grown its customers 450 percent since its last round in December 2017. In that same time period, it grew its headcount by 151 percent, from 47 employees to 118 employees. While the company did not disclose exact revenue, it said they saw 1000 percent revenue growth in 2018.
Bottom line: Companies like Wayfair, Amazon, or inspiration platforms like Houzz and Pinterest have been here for a while, but Modsy is growing, getting money and finding a place in the home retailer industry. The new round will help it deliver designs faster, expand the marketplace and up service, it said. At least for the failed DIY-ers in the room, that’s good news.