The on-line platform for interior design, Clippings.com raised 2.8 million pounds from the European Fund – C4 Ventures.
“Today we’re excited to announce that we’ve raised £2.8 million in a Series A round of venture capital funding, enabling us to accelerate our vision for using technology to revolutionize the interior design industry. Our lead investor in the round is European venture fund C4 Ventures, founded by the former vice president and general manager of Apple, Pascal Cagni”, announced the company on their website.
This significant cash injection will allow the company to further develop technology to simplify and modernize sourcing and distribution for interior design customers, is stated in the company’s press release.
According to one of the founders, Bulgarian Adel Zakout, the fund will be used to further develop the technology that designers and architects use for the company’s platform.
“We will further develop our engineering team based in Sofia and in the next stage we will invest in marketing and sales department. We will expand our business further as our plan is to go beyond the UK market over the next 12 months”, he explained in his statement given for capital.bg.
“We believe that the industry of interior design is sufficiently mature. The experience and unique insight that Adele and Tom have for this market, together with the powerful platform created by the Clippings, makes the company very well positioned to digitize the interior design and to drastically improve the daily work of the designers, “said Pascal Cagni, capital.bg reported.
Reportedly, with this investment, C4 Ventures becomes a partner in the company. The percent that now belongs to the Fund remains undisclosed. Moreover, as Zakout stated for the Bulgarian media, C4 Ventures will now have a representative at the Clippings’ Board of Directors.
C4 Ventures is a leading European venture fund founded by Pascal Cagni (VP & GM Apple EMEIA 2000-2012). Based in London and Paris, this Fund invest in early stage (Seed or Series A) startups based in Europe and later stage startups seeking to expand into European markets. Their goal is to create a different kind of venture firm, one that focuses on partnering with entrepreneurs to navigate the complex European landscape.
Founded in 2014 in London, Clippings is on-line platform for interior design, selling furniture, lightning and accessories. The company is founded by the Bulgarian entrepreneur Adel Zakout and his college friend Tom Mallory.