Online Retailer using capital to expand sales force and invest in technology build-out
Austin, Tex./Buchanan, Mich.- July 10, 2002 - HQ Ventures today announced an equity investment in FurnitureFind.com, a Michigan-based home furnishings retailer. Founded in 1996 as the electronic-catalog division of a 50-year-old traditional furniture business, FurnitureFind.com is now one of the largest Internet-based furniture retailers, worldwide.
"We were impressed by the strength of the management team at FurnitureFind," said Lawrence Garatoni, CEO of HQ Venture Capital. "They`ve demonstrated a clear understanding of online retailing and the furniture business. With six years of experience and a proven business model, they have the opportunity to build the dominant online franchise in an important consumer category."
HQ Venture Capital`s EVP, Tony Wright continued: "FurnitureFind has developed an efficient value chain with favorable cash flow characteristics. They`ve been able to leverage their proprietary systems and technology to achieve impressive growth."
"The principals at HQ have looked very carefully at our business, said Stephen Antisdel, CEO of FurnitureFind.com. As experienced entrepreneurs they understand our long-term value proposition." The company`s home furnishings sales have more than doubled during the first half of 2002 compared to the same period in 2001.
This transaction makes HQ Venture Capital the largest single outside investor in FurnitureFind Corporation equity. The amount of the investment was undisclosed.
About HQ Venture Capital
HQ Venture Capital, LLC (HQ Ventures) is a unit of the Health Quest Group. With offices in South Bend, Indiana and Austin, Texas, HQ Ventures was founded to provide growth capital and management expertise to private firms located in the Midwestern and Southwestern portions of the United States. Based in South Bend, Indiana, the Health Quest Group is a diversified investment firm with interests in health care services, health care-related real estate, software, technology, biotech, and venture capital. The Health Quest principals have decades of experience in developing and building successful companies in a wide range of industries.
Founded in 1996, FurnitureFind.com offers a convenient shopping channel with access to over 100,000 home furnishings products and exclusive decorating commentary by its acclaimed Lifestyle Editor, Kathy Ireland. The company has developed proprietary processes for online marketing, live sales assistance and national home delivery creating a unique, build-to-order value chain. FurnitureFind.com has emerged as a leading online retailer serving the $60 billion domestic home furnishings market.