Hem secures $5M in funding investment from Verdane Capital.
In conjuction with the investment, Staffan Mörndal, partner at Verdane, will join Hem's board of directors.
Hem, led by Peter Palmér, aims to become an online premium competitor for Ikea, as it designs its own furniture and sells it directly to interior designers and private consumers online. The company was founded in Berlin in 2014 and moved to Stockholm in 2016 and provides a range of over 300 products available in 34 countries, and with the largest markets being the US, Great Britain, Germany and France.
Hem is a profitable company, with sales totalling almost SEK 42M ($4.6M) in 2017.