Furniture.Com Announces $35 Million In Third-Round Financing -Launches Multimillion-Dollar Brand Campaign Solidifying Category Leadership

Furniture World Magazine

Furniture.com has announced the closing of $35 million in its third-round financing - the majority to fund an aggressive brand-building program to continue the revolutionary e-tailer's dramatic growth and to further its position as the clear e-commerce leader in the $178 billion U.S. furniture and home furnishings industry. "Furniture.com is fundamentally changing, the way consumers buy furniture and create their dream homes and shoppers are enthusiastically embracing the experience," said Furniture.com Inc. CEO Andrew L. Brooks. "In the first quarter of 1999, customers placed orders totaling $1.6 million, up from $900,000 in fourth quarter 1998, And in May 1999 alone, we wrote nearly 1 million in orders, This strong momentum, plus our growing brand recognition with consumers and within the industry, supports our position as the undisputed category leader." Investing in multimillion-dollar branding initiatives, new consumer services: "The additional capital puts us in an even stronger market position with ample resources to extend out, brand and build market share. Shortly, we will release a series of major announcements including the signing of new strategic relationships, and the launch of multiple new services and features that will further enhance the Superior customer experience we've created," he said. A multimillion-dollar national radio and newspaper advertising campaign kicked off last month in over a dozen of the largest cities around the United States. "Our advertising campaign really creates an emotional bond with our customers," said Brooks. "The ads build on people's intense connection to their homes with the chorus 'If a room is a place to love, Furniture.com is the way to love it."' Donald Bellomy, senior consultant, Aberdeen Group, said, "Furniture.com has already established itself as both a sales and a thought leader in the emerging online furniture market," Revolutionizing the consumer shopping experience: "We understand how important furniture is to people's quality of life and we make it easy for consumers to create rooms they love," Brooks said. "We've created the world's best furniture shopping experience at Furniture.com where consumers create their own personal showroom by selecting items from the largest selection of furniture online (more than 50,000 items). Our commitment to a superior customer experience includes live Design Consultants available by e-mail, phone arid real-time chat; a unique Personal Shopper service where professional consultants suggest furnishings based on customers' preferences, styles, needs, and budgets; free Red Carpet Delivery and in-home set-up; and an unconditional customer satisfaction guarantee." "Industry research conducted last year for the Home Furnishing Council reaffirmed that 'the shopping process required to find the right piece of furniture is Perhaps the industry's greatest weakness," Brooks said. "Consumers are frustrated with traditional furniture shopping - the limited selections, aggressive salespeople, poor customer service, lack of useful information, and the difficulty in determining quality and value, The marketplace is primed for the Furniture.com solution,"