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London-based Irish entrepreneur Deirdre McGettrick’s Ufurnish shopping portal has raised £3.8m (€4.26m) in fresh investment from new backers, including Tetrarch Capital’s Ciara McElligott and KPMG partner Michelle Connolly.
The Sligo-born, UK-based former investment banker launched the company in 2018. It is now the UK’s top furniture search portal and aims to do for the sector what platforms like Daft.ie have done for homebuyers.
The new funding includes significant participation from female investors who now make up nearly a third of Ufurnish’s backers.
They are a mix of entrepreneurs, professional investors and senior professionals and are an important resource, McGetrick said.
Announcing the funding ahead of International Women’s Day, she said, “It’s really important to bring attention to the founders as well as to the women investors.
“I am particularly proud that 30 percent of my investors are female, and that includes experienced businesswomen with a strong track record of building and growing businesses that I can turn to for advice when needed.”
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Deirdre McGettrick launched Ufurnish in 2018
An early £1.8m investment round which closed in 2020 was backed by a group of wealthy angel investors including Dalata founder Pat McCann, who is now chairman of Ufurnish.
Smurfit Kappa CEO Tony Smurfit is also an investor, along with a mix of Irish and UK backers.
The latest seed funding will be used to raise awareness of the business and build partnerships with retailers.
Ufurnish has over 100 retailers and brands signed to its platform including John Lewis, Wayfair, B&Q and Heals as well as specialty producers.
Shoppers can filter their searches according to their specific needs
It allows shoppers to find and compare furniture online, with retailers paying a commission on the leads generated by the portal.
Shoppers can filter their searches by their specific needs including choosing to only see products that are sustainable or made in the UK.
Ms McGetrick said the UK Institutional Investment Scheme (EIS) was a huge driver in its ability to attract investors to the business.
It reduces the risk of investing in early-stage companies for investors. Since many of my investors are first-time investors, being able to explain the tax benefits of EIS investments was key to securing their investment.
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