Web Furniture Seller Cymax Raises $25 Million From Frind, BDCby
Cymax, a Canadian online furniture retailer, raised $25 million in a funding round led by PlentyOfFish Media Inc. founder Markus Frind, Salman Partners and BDC Capital.
The financing is the company’s first outside investment since its founding in 2004, Chief Executive Officer Arash Fasihi said in an interview Wednesday. He declined to give Cymax’s valuation.
Fasihi, a former Best Buy Co. Inc. executive, said he started the company after his wife had trouble finding a particular TV stand. Cymax has built logistics software to deliver furniture to customers in less than five days, without having to store anything in its own warehouses, Fasihi said at the Stableview Asset Management Inc. technology conference in Toronto.
The Burnaby, British Columbia-based company expects to reach C$180 million ($140 million) in revenue this year, double its 2010 sales and about 30 percent more than what it brought in last year, Fasihi said. Frind, who agreed in July to sell online-dating company PlentyOfFish to Barry Diller’s IAC/InterActiveCorp for $575 million, funded Cymax through his investment company, Frind Holdings.