Australian digital retailer, Temple & Webster, is aiming for ambitious growth, after signing a lucrative investment deal with Macquarie Capital.
Temple & Webster co-founder Brian Shanahan says the multi-million dollar backing from Macquarie Capital will allow for product and customer growth, increased brand awareness and superior customer experience.
“Macquarie has a strong track record of investing in successful businesses. This round of investment will allow us to scale our marketing efforts, invest in our products and service offering and, most importantly, continue our commitment to first-class customer service,” he says.
Temple & Webster already has strong underpinnings, founded by Shanahan (former CFO of eBay Australia and ex-CEO for Gumtree International), as well as Adam McWhinney (former product director for The Australian and creator of taste.com.au), and ArdenPoint’s Mark Coulter and Conrad Yiu.
The online retailer offers members exclusive access to premium quality furniture, homewares, home décor, art, gifts and lifestyle products from both well-known and up-and-coming Australian and international designers.
The company is targeting a thriving$15 billion home-related product category, and estimates there’s a lot of growth to be gained from a current three percent online margin.
“With online retailing growing at 30 percent per year, the market opportunity is massive,” says Shanahan.
Macquarie Capital’s executive director, Dan Phillips, seconds this potential.
“We’re pleased to support Temple & Webster’s vision to become a market leader in online retail for the home. We’re impressed with the Temple & Webster team, its quality product offering and supplier relationships, and its commitment to customer service,” he says.
The partnership signifies Macquarie Capital’s first investment in the online retail space. The investment provider has ties with a number of successful online businesses in other sectors.
Investment has also been sought from former News Limited executive and publisher, Alasdair MacLeod.