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Round Led by Norwest Venture Partners Will Help Modsy Deliver Consumers an Entirely New Way to Shop for and Design the Home
SAN FRANCISCO, CA--(Marketwired - Feb 2, 2016) - Modsy, a leading personalized home design solution, today announced the closing of $8M in Series A funding led by Norwest Venture Partners with participation from existing investors and prominent angels including Eoin Harrington (SVP, Restoration Hardware), Joanne Wilson (Gotham Gal Ventures) and Pascal Levensohn (Dolby Ventures).
"Modsy's mission is to vastly improve the way that consumers currently design and shop for the home," said Shanna Tellerman, CEO and founder of Modsy. "This financing will help us accelerate the company's trajectory in several key ways. We will continue to recruit the most talented graphics engineers, 3D artists and designers from across the industry, we will ramp up our marketing efforts, and continue to scale as we head towards our public launch."
Unlike other home design solutions that offer complicated layout tools, clunky interfaces or crowdsourced services, Modsy's simple and easy to use platform allows consumers to experience inspired design ideas based on their taste preferences, all set within the context of their very own homes. In just a few steps, users are prompted to capture photos of their existing rooms, share their taste preferences, and submit. Modsy will then return beautiful images of their space completely redesigned, along with easy to access links enabling the purchase of unique furniture that is ensured to match their style and fit within their budget.
While consumers are exposed to a fun and simple user experience on the surface, behind the scenes, Modsy leverages incredibly advanced technologies to deliver this personalized design experience. Powered by computer vision, 3D capture, and photorealistic 3D rendering tools primarily utilized by today's leading film and gaming companies, Modsy is the only home design solution in the space to take a technology-centric approach and turn it into an experience that is easy for everyday consumers to use.
"No other founding team or company in the space is better positioned to transform the home furnishing shopping experience than Modsy," said Jeff Crowe, Managing Partner, Norwest Venture Partners. "The team has harnessed the power of complex graphic design and 3D technology to create a simple, elegant platform that helps consumers see what real products and designs look like in their actual homes."
The market for home design solutions has been heating up and Modsy's Series A showcases the massive impact the company's advanced model is expected to have on e-commerce categories from home design and beyond. The round complements an exceptional 2015 for Modsy, having built the company, team, product and a fast growing customer base in less than eight months. This investment brings the company's total funding to date to $11.75M and Jeff Crowe will take a board seat as a part of this round.
The product is currently in a private beta. You can sign up to reserve your spot on the website.
Modsy is a product that allows consumers to visualize design ideas in the context of their very own home. The company was founded in February 2015 in San Francisco, CA. The team is made up of veterans from film, games, 3D and design. Investors include Norwest Venture Partners, Google Ventures, Metamorphic Ventures, Birchmere Ventures, Susa Ventures, Ame Cloud Ventures, BBG Ventures, and Astia.
About Norwest Venture Partners
Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than $5 billion in capital. The firm targets early to late stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. Headquartered in Palo Alto, Calif., Norwest has subsidiaries in San Francisco, New York, Mumbai and Bengaluru, India and Herzelia, Israel. The firm has funded more than 550 companies since inception. Follow @NorwestVP.
For more information, visit www.modsy.com or connect with us on Twitter @modsy