Home24, the Germany-based online furniture retailer backed by e-commerce group Rocket Internet, received €20m ($22.7m) in funding from undisclosed new and existing investors on Thursday.
Founded in 2009, Home24 operates an online platform that sells furniture, home accessories and garden equipment, offering a total of some 180,000 products from around 800 manufacturers with delivery free for customers.
The company, which currently operates in seven European countries as well as Brazil, will put the funding toward enhancing system processes and customer experience.
Rocket Internet invested €10m in Home24 as part of a €15.9m round in December 2014 that valued it at €498m, increasing its stake from 49.5% to 49.8% in the process.
Investment firm Baillie Gifford subsequently paid €90m for a 9.5% stake in June 2015, with Rocket Internet adding another €30m.
Other investors in Home24 include investment bank JP Morgan, which invested an undisclosed sum for a 2% stake in 2012, and venture capital firm Holtzbrinck Ventures.