eCommerce - Monday, August 29, 2005
FurnitureFind - Profile
HQ: South Bend, Indiana
Founded: In 1996 as the electronic catalog division of a 50-year-old traditional retail furniture business
Management: CEO is Lawrence H. Garatoni. He founded the Health Quest Group in 1970, took it to the big-time, then created HQ Venture Capital – the seed investor. J. Kwit is President. He was CEO of a VC-capital backed acquisition and rapid development of Expressions, a manufacturer and retailer of custom furniture and home accessories that reached $100M in sales. He also acquired control of Sonoma Vineyards, and made that a large direct marketer. He was also VP & General Counsel of Norton Simon, a Fortune 100 consumer products company where he was responsible for over USD $1B of acquisitions. The company recently parted ways with CEO Steve Antisdel and President Pamela Durkin.
Investors: HQ Venture Capital, acquired a majority stake in the company in 2003.
Business Model: The company sells furniture online from over 100 manufacturers. It has not announced revenues but rumor has it that revenues are significant.
Competitors: Furniture.com, FurnitureOnTheWeb.com.
Dirt: During the boom in 1998, top VCs including Benchmark and others invested in Furniture.com. The company became a punchline - why would investors think that people would buy furniture online? Furniture.com went under but was resurrected by former employees. Props to them and to FurnitureFind and its investors to sticking with the vision.
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