Burda, the German publishing group, is investing about £2 million ($4 million) in Mydeco.com, the interior-decoration-meets-social-networking website launched by Lastminute.com co-founder Brent Hoberman last year. The investment is part of a £7.35 million second-round fundraising by Mydeco.com’s parent company By Design (UK)…the valuation of the company is in the region of $50-100m (£25-50m), reports Telegraph. The other investors in the round included Paris-based Sofinnova Partners and Amadeus, the European VC fund. In addition, SRPE, the private equity investor funded by some of the partners of hedge fund Sloane Robinson, has also taken a stake in the business.
Previously it was estimated that the site has a seed funding to be around £5 ($10) million and coming from Tom Teichman of NewMedia Spark and Thomas Hoegh of Arts Alliance. With this new funding, the site is expected to launch in Germany.