Vancouver-based online furniture seller Cymax announced October 14 that it has raised $30 million in financing from investors including PlentyOfFish Media Inc. founder Markus Frind, Salman Partners/Pinkowski.co and BDC Capital.
The company plans to use the investment to power its analytics-based platform that makes it easier to buy and sell furniture online
Cymax’s plan is to launch what it calls an “end-to-end e-commerce solution” for those who sell furniture online – a technology that would make it easier for them to both ship products and determine the logistics of having the right products in the right places.
“Purchasing a couch or a table should be as simple as buying a book off Amazon,” said Cymax’s CEO Arash Fasihi.
“Our technology will empower retailers to bring more choices to market and ensure furniture arrives in consumers’ homes quickly and intact.”
Fasihi estimated that annual sales in the home finishing sector are about $235 billion and that only 15% of that happens online.
Most of Cymax’s $190 million in annual revenue comes from its furniture e-commerce site, which connects manufacturers with consumers.
“We don’t stock anything,” Fasihi told BIV earlier this year before explaining that all transactions on Cymax’s website involve furniture flowing to the customer direct from the manufacturer without going through other distributors.
Frind, in July, sold his PlentyOfFish online dating company to the Match Group , which is a subsidiary of New York City-based IAC, for US$575 million.
He was the sole shareholder.