Online retailer WorldStores has secured a £10 million
investment from French firm Serena Capital, supported by its
existing investors Balderton Capital and Advent Venture Partners,
to further grow its business.
The new capital will allow WorldStores to continue to invest in
growing its supplier network and in the ongoing expansion of its
product range, which now exceeds 500,000 lines in the home and
garden category. The funding follows a successful year for the
UK-based etailer, which saw sales increase by 50 percent. The
company is now targeting sales of £75 million for
2013.
Commenting on the investment,
entrepreneur-turned-venture-capitalist Marc Fournier of Serena,
said he was “most impressed with the company’s
accomplishments and its ability to become a national UK leader in
such a short period of time.”
WorldStores co-chief executive Joe Murray, says that Serena
brings to the table expertise, industry relationships and a
global network that will help WorldStores to “achieve our
goal to be the leading online retailers for the
home”.
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