A Spain-based startup Hannun which is a D2C platform that sells furniture, home goods etc. from the local craftsmen, announced securing around €1.15 million funding through its equity crowdfunding campaign on the UK based investment crowdfunding platform Crowdcube on 30th December 2020. The investment round made its debut this month earlier, with the original collection of €700,000.
The proceeds of the investment from the campaign on Crowdcube platform will be used in accelerating the expansion plans of startups through their international marketing plans and improvements in supply chain. Hannun is now presenting 13.06% in equity through the funding round at a pre-money valuation of €7.7 million. The funding is set to close around mid-January.
In the time span of three years, we have successfully uplifted a magnetic platform with 5 million plus annual sessions and an accurate catalogue of unique and relevant 258 products. Except this, our business model is warehouse free and is capital efficient as our outsourced artists deliver directly to the customers. And with our perfect social media planning and values, we have a vision that Hannin is rightly having a position in the €30 billion plus online European furniture industry.”
According to the management accounts of Hannun, their sales have reached the €3 million mark, with their EBITDA to -€1 million and are having 3.5 times year on year growth. The company is expecting more than 8.1% year on year growth till 2024. They presently have 393 investors.
According to Hannun, around 10 million ton furniture is thrown away every year and as per the estimates even less than 5% of it is recycled. The startup is focused to end this madness over fast furniture.
About Hannun
The startup Hannun was Founded in 2017 to describe itself as a digital-native brand name that involves designing, manufacturing, and selling ethical furniture, on their platform. The startup was founded by Maurici when he returned to Spain and got onto extreme difficulty in purchasing sustainable furniture. He decided to go on with developing his own furniture and selling it through his social media handle. When the startup was born, they got 5 orders within only 5 days!
The platform has a big network of 25 plus artisans which are based in Europe and use eco-certified, recyclable and non-toxic materials. The company has a mission to end the fast furniture and the 10 million ton waste generated by it every year. The shipping service is quite efficient and delivers within 5 days!
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