Saturday, March 25, 2023
Home Tech News Home décor online brand Plank Hardware raises £2M funding from Beringea

Home décor online brand Plank Hardware raises £2M funding from Beringea

Since the past two years, there has been a significant uptick in demand for home improvement projects, especially due to the remote working trend. It has been estimated that over 50 percent of the UK population has taken up home improvement projects since the outbreak of the pandemic in March 2020.

The traditional bricks-and-mortar hardware retailers lack a direct-to-consumer experience along with high-quality and trendy products with great levels of creativity as showcased on platforms such as Instagram and Pinterest. Plank Hardware from London offers millennial and Gen Z consumers an opportunity to become their own interior designers. They can access stylish hardware and provide a creative flourish to renovation projects.

Expansion plans

In a recent development, Plank Hardware secured £2 million funding led by Beringea, a transatlantic venture capital firm. The funds will be used to support the expansion of the team, which operates from a base in Leyton, East London, investments in product design and technology, and sales and marketing,

Annie Aveyard, Co-Founder at Plank Hardware, commented: “We are really excited to work with Beringea on this opportunity to scale as a global design-led brand in this exciting category”

Tom Revill, Co-Founder at Plank Hardware, commented: “Taking this business from Planks of wood to a funded scale up has been a brilliant journey and I can’t wait to see what the next chapter holds for us.”

Emma Biasiolo, Investment Manager at Beringea, commented: “Annie and Tom have tapped into a clear demand for stylish, on-trend design at an affordable price point, and they are rapidly establishing Plank Hardware as the go-to brand for home décor hardware. Beringea has backed the significant potential of the founders, and the growing opportunity in DIY and home renovations.”

D2C home décor brand

Plank Hardware was founded in London in 2019 by Tom Revill and Annie Aveyard. The husband-and-wife duo identified an opportunity to provide high-quality, design-led products that could enable aspiring DIY enthusiasts to create beautiful home renovations on a modest budget. Its products span handles, hooks, knobs, and rails that provide the perfect finishing touch to DIY projects and inspire creativity in the home. The business has been bootstrapped, and its growth has been driven by organic demand for home décor hardware.

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