raises £40m to fuel further international growth said it plans to launch into additional European markets as it reported a £40 million round of equity funding.

The UK-based online furniture retailer, which currently operates in seven European countries including France and Germany, secured funds from existing investors Eight Roads Ventures, Level Equity and Partech Ventures, as well as an unnamed source.

Currently, the retailer has showrooms – located in London, Birmingham, Leeds, Paris, Amsterdam and Berlin – but there are plans to add to these following the new funds injected into the business.

In an interview with Essential Retail in 2016, founder Ning Li said that the organisation was aiming for 50% of its business to come from international markets, with global growth the key aim for the organisation as it looks to scale. also said this week that part of the new investment will be spent on technology that can help improve the shopping experience.

This latest announcement comes five months after the company revealed its first profit in the UK, with gross profit for the entire business at £49.3 million for the year to 31 December 2016. Its adjusted EBITDA stood at a loss of £3.8 million, an improvement on the £6.2 million reported for the previous year.’s overall sales surged by 48% during that period to £91 million, while in the UK revenue increased by 38%. Increasingly positive results in other European territories are now being achieved.

CEO Philippe Chainieux said: “We continue to scale rapidly across Europe, and I am pleased to confirm that has reached profitability in 2017 in the UK, France and Benelux, and is now cashflow positive at the group level.” also revealed this week that it has appointed Yoox Net-a-Porter executive Adrian Evans as its new chief finance officer.

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