In the next 17 months, it expects 10% of its B2B customers will be transacting on the web, an executive says.
E-Commerce Design Site Will Expand to New Verticals, Grow Network of Global Designers, Diversify and Increase Membership Base
SAN FRANCISCO--TouchOfModern, the online source for high-quality, innovative design products from around the world, today announced they’ve raised $3 million in Series A funding, led by FLOODGATE with participation from existing investor, Hillsven Capital. The Bay Area-based company has quickly gained notoriety in the e-commerce space, particularly among men who account for 70 percent of its current member base. TouchOfModern consistently features products from well-known luxury brands such as Breitling, Rolex, Jacob Jensen and Pininfarina while maintaining their commitment to discovering new, emerging design talent to introduce to members.
“Since launch, we’ve been focused on profitability and building a strong, healthy business as a high-end lifestyle brand,” said Dennis Liu, CEO and co-founder of TouchOfModern. “This round of funding will help us scale and grow the business, and continue developing features to enhance our members’ shopping experience. We also plan to add new design verticals, explore opportunities to expand internationally, and continue to uncover talented designers that represent our vision.”
Unique design is the core element of all products featured on TouchOfModern and members have access to products that they cannot find every day through other retailers. Fashion accessories, home furnishings and electronics are the top verticals on the site, and the company plans to enter categories including food and beverage, and fashion later this year. Nearly every item on TouchOfModern has been hand-selected, with many products sold exclusively on TouchOfModern and in some cases, pieces are one-of-a-kind.
“TouchOfModern’s sourcing strategy and technology platform sets it apart from competitors and makes for a compelling investment,” said Mike Maples, Jr., managing partner of FLOODGATE. “The company’s passion for bringing sophisticated design online, coupled with their proprietary technology infrastructure, has allowed them to achieve scale and profitability more efficiently than their competition and positioned them for continued success.”
Strong relationships with designers enable TouchOfModern to provide VIP, personalized customer service to its members inquiring about designers, additional products in a collection, and more. Since launching one year ago, membership has increased by 300 percent, eight-figure revenue numbers have been attained, and the first half of 2013 brought a 75 percent growth in revenue.
TouchOfModern was founded in November 2009 by Dennis Liu, Jonathan Wu, Steven Ou and Jerry Hum, who saw an opportunity to fill a void in the e-commerce space with a site catering to the style and design-conscious urban professional. Putting their business and finance background to use, they officially launched TouchOfModern in May 2012 as the source for pieces of extraordinary design that consumers cannot find every day through other retailers. TouchOfModern works closely with well-known and emerging designers around the world to offer timeless, unique products of the highest quality, often at unbeatable prices – in categories such as home, electronics and fashion accessories. Many items are sold exclusively on TouchOfModern and some are one-of-a-kind. Headquartered in San Francisco, the site targets upscale, urban professionals who have a passion for design. Visit www.touchofmodern.com to become a member, download the mobile app at www.touchofmodern.com/mobile and learn more about featured products and designers at www.facebook.com/touchofmodern.
Anna Stock-Matthews, 415-277-4926