HQ Venture Capital Completes Financing Round with FurnitureFind.com
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.
About FurnitureFind.com
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.
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