Germany-based online home and living product retailer Home24 has raised €20m ($22.3m) in funding from investors including e-commerce holding group Rocket Internet and investment firm Bailie Gifford at a $470m post-money valuation.
Home24 sells products such as furniture, home accessories and garden equipment through its online platform. Rocket Internet invested $1.6m in the round and now holds 42.9% of Home24, directly and indirectly, down from 44.6%.
The round takes Home24’s overall funding to €145m since late 2014. Other existing backers include financial services firm JP Morgan and Holtzbrinck Ventures.
Philipp Kreibohm, founder of Home24, said: “After a phase of strong growth and infrastructure expansion, we shifted the focus on making sustainable process and system improvements, paving the way towards profitability.
“The investment from this funding round enables us to continue to improve the customer experience as well as our logistics network and technology platform.”