May 25, 2022

Expert debuted in 2021 as a way to get hour-long video consultations with some of the best interior designers in the world, no matter the budget. Now with $12 million in Series A funding, the one-year-old company is expanding into e-commerce with what co-founder Leo Siegel calls “Farfetch for the home.”

When we launched the company with a $3 million round, Segal said, “We were able to attract an insane selection of designers, with co-founder Jake Arnold (owning Katy Perry homes). Thanks. Chrissy Teigen, which is highly regarded in the industry, and in part because of the timeliness of the offer, which is far superior to anything I have tried in the home space.

Expert started with 60 designers, and a year later, more than 140 designers are advising thousands of clients in 50 countries. There are more than 1,500 designers on the waiting list, and according to Siegel, less than 1% are “experts.”

Giving access to famous designers and other people is one way that other startups are doing. For example, last year Intro raised $10 million to provide its app with 15-minute consultations with the likes of Rachel Zoe and Nate Berkus.

He added that many The Experts have an average of 147,000 followers on Instagram, which will help drive 85% of organic traffic by 2021. It also generated 35% repeat business and over $5 million in revenue in the first 12 months.

After realizing the purchasing power of clients requesting consultations, more than 45% of the company’s clients budgeted over $50,000 and 33% budgeted over $100,000, Siegel said in an expert’s roadmap. Expanding into e-commerce was the logical next step. . Be a one stop shop for home goods.

“Our clients wanted our designers to teach them how to spend their budgets, so we felt like we were leaving money on the table as we didn’t have the ability to buy everything under one roof,” he said.

This new expansion called Showroom will launch this summer with over 60 private label brands including Crate & Barrel, Appliance, Schumacher and Anthropologie.

The showroom not only brings trademarks, major brands, new items, custom and vintage items under one roof – in some cases for the first time – but is also the first direct-to-consumer and third-party sales channel for many of these products. partner suppliers. also provides. Siegel said.

The new funding was led by First Round Capital with input from existing investor Foreigner Ventures as well as Sweet Capital, Promus Ventures, Pentas Ventures and a group of angel investors including Jane Rubio, Jenny Fleiss, Liz Harmon, Neda Nawab, Harry Hurst, Gwyneth Paltrow did. and Bridget Romanek. As part of the investment, Forerunner partner Nicole Johnson will join The Expert’s board of directors.

The specialist does not store good things for the home, but uses the dropshipping method. The company has just hired its 16th employee and will use the new funds for additional staff, technology development and marketing. Siegel expects to double the workforce by the end of the year.

The company then tests The Expert Vintage website, which features recycled vintage furniture from Europe.

Leave a Reply

Your email address will not be published.