FurnitureFind.com gets an equity investment from venture capitalists
FurnitureFind.com, a Buchanan, MI-based home furnishings retailer, has received an equity investment from HQ Venture Capital. The companies did not disclose the size of the investment. The investment makes HQ Venture Capital, a unit of the Health Quest Group, the largest outside investor in FurnitureFind Corp.
"FurnitureFind has developed an efficient value chain with favorable cash flow characteristics,” said Tony Wright, HQ Venture Capital`s executive vice president. “They`ve been able to leverage their proprietary systems and technology to achieve impressive growth."
FurnitureFind’s home furnishings sales have more than doubled during the first half of 2002 compared to the same period in 2001, the company reports. "We need to upgrade and expand our call center and related technologies," said Stephen Antisdel, CEO of FurnitureFind.com.
FurnitureFind plans to use its new investment judiciously: It is looking for used technology and equipment. "The assets we are the most interested in are enterprise class, current technology that`s been well maintained," said Kurt Mergener, the company`s IT director. "This includes workstations, servers, storage devices, routers, switches and telephony equipment such as a customer contact center."
FurnitureFind, which offers access to more than 100,000 furniture and home accessory items, was founded in 1996 as the electronic-catalog division of a 50-year-old traditional furniture business.
HQ Venture Capital, with offices in South Bend, IN, and Austin, TX, focuses on companies in the Midwest and Southwest. It has investments in health care services, health care-related real estate, software, technology and biotech.
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