As folks spent more time at home as a result of the pandemic and with fewer places to spend discretionary income, homeowners in the UK have spent £55b on home renovations since March. My Bespoke Room offers a technology-powered, personalized interior design service for a flat fee to anyone looking to hire a professional to spruce up their homes. It takes less than 15 minutes to complete your design brief and then you are connected with a designer based on your preferences and tastes. The service starts at a very affordable £195 per room.
London TechWatch caught up with Cofounder Diana Greenlaugh to learn more about the inspiration for the business, how the lockdown has bolstered interest in interior design, and the company’s recent funding round.
Who were your investors and how much did you raise?
In December, we raised £700K angel investment. Our investors included high-net-worth individuals and successful entrepreneurs, from Angel groups and a new platform Connectd.
Tell us about your product or service.
We deliver a professional, easy-to-use, and totally bespoke interior design service. It’s delivered conveniently online at a fraction of the cost of traditional services.
We are also building innovative new products that help independent designers run their businesses more efficiently, connect them with an engaged online community, and to extend their client reach. We want to support them to achieve more meaningful businesses and careers in interior design, especially in today’s digital world.
What inspired the start of My Bespoke Room?
We started the business in 2014 when we were both frustrated with the process of renovating and furnishing our own homes. We found that you could either do it yourself (and hope for the best) or spend thousands hiring a professional. There had to be a better way, and there was a clear gap in the market for a straightforward professional service that felt fun, not intimidating.
How is it different?
We pioneered affordable flat-fee packages. We are very transparent with pricing and want to make communication more straightforward and jargon-free. We want it to feel like having a cup of tea with a friend and allow customers to access professional designers they otherwise couldn’t afford.
What market you are targeting and how big is it?
Since the first lockdown in March, UK homeowners have spent £55billion on renovations to create their perfect property. In fact, UK consumers spend £7.8bn+ each year just online, on homewares – and our sweet spot is first time buyers, home extenders, and home movers.
What’s your business model?
We have multiple revenue lines including design fees, trade commission, and subscription fees, and commission share from designers. We guarantee that we will always be transparent and upfront about any costs, and we offer exclusive discounts to our customers where we can.
How has COVID-19 impacted the business?
Overall, our business has been well placed to succeed in a category that is experiencing such a shift in behaviour. We were delighted to report 104% annual revenue growth.
What was the funding process like?
Full of obstacles! Our first funding round in March was pulled when lockdown got announced, so we had to re-strategise while also being struck down with COVID! We bounced back quickly and were delighted to demonstrate strong growth with people spending more time at home.
What are the biggest challenges that you faced while raising capital?
Beyond COVID-19, we were talking to investors who were not necessarily familiar with the interior design space. We are one of the early disruptors, so our investors had to be brave and buy into our future vision.
What factors about your business led your investors to write the check?
Our angel investors seek out disruptive technologies that challenge the status quo, and they are incredibly supportive of us as female tech entrepreneurs.
What are the milestones you plan to achieve in the next six months?
We want to scale our operations and develop our software as a service (SaaS) platform that will help independent designers build a more rewarding business. We’re passionate about supporting designers in setting up, running, and growing their businesses. Advancements to the platform will include smart algorithmic sourcing, automated ordering, and integration with accounting software.
We want to scale our operations and develop our software as a service (SaaS) platform that will help independent designers build a more rewarding business. We’re passionate about supporting designers in setting up, running, and growing their businesses. Advancements to the platform will include smart algorithmic sourcing, automated ordering, and integration with accounting software.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Stay focused on your mission. If you continue to solve problems for your customers, great things will follow.
Where do you see the company going now over the near term?
We are simply aiming to be the best in class in the market – for consumers and designers. We want to continue to open up and change an archaic industry, as well as supporting meaningful businesses and careers in the sector.
What is your favorite restaurant in London?
It’s been a while since I have been able to eat out! I always look for great atmosphere and design. The Firmdale hotels all have stylish interiors and Kit Kemp has done brilliant work striking the balance between feeling homely, stylish, and luxurious. The balance is spot on.
