SOURCE: CustomMade

CustomMade.com, your online source for anything custom

June 09, 2010 09:01 ET

CustomMade Secures $1.15M in Round of Funding

Funds to Help Company Reach New Verticals and Expand Employee Base

BOSTON, MA--(Marketwire - June 9, 2010) -  CustomMade, the world's largest online marketplace for custom services, today announced it has secured an angel round of funding for $1.15 million. The funding will be used to expand consumer-based marketing, branch out into other custom verticals and increase staff for website development and sales.

CustomMade provides custom makers such as woodworkers, metalworkers, glass makers and home remodelers, with the necessary tools to find a global audience for their services. For artisans and other providers of custom services, CustomMade acts as a highly-trafficked gallery of their work, a local directory, and a marketing resource all in one. For consumers and members of the design trade, CustomMade is the primary online source for locating a custom maker.

Co-founder and Chief Financial Officer Seth Rosen notes,"The Company is very pleased to have been able to close this convertible-debt transaction so quickly. Less than 90-days after we decided to pursue outside investment to fuel our growth, the $1MM USD round was over-subscribed. The Board had initially contemplated pursuing Series A Venture Capital, but given how fast the Company's revenues are growing, a bridge round was determined to be a prudent interim step. The round was closed to new investors after accepting $1.15MM USD in total proceeds from three Boston-based private investors. One of our seed round Angel investors led the round with a $500,000 USD investment."

"We are fortunate to have someone with Seth's capital markets background as our CFO and co-founder," says Co-founder and Chief Executive Mike Salguero. "He was able to concisely and effectively communicate our vision to the investment community during a time of continued economic uncertainty."

Co-founders Mike Salguero and Seth Rosen purchased CustomMade in 2009 and immediately began working on revolutionizing the way custom products were bought and sold. Within a year, a community of 350 woodworkers has grown to over 1,200 paying custom artisans.

CustomMade
CustomMade provides custom makers such as woodworkers, metalworkers, glass makers and home remodelers, with the necessary tools to find a global audience for their services. For artisans and other providers of custom services, CustomMade acts as a highly-trafficked gallery of their work, a local directory, and a marketing resource all in one. For consumers and members of the design trade, CustomMade is the primary online source for locating a custom maker. CustomMade was founded by CEO Mike Salguero and CFO Seth Rosen in 2009. CustomMade received an equity investment from a contingent of private angel investors. For additional information, visit: http://custommade.com.

Contact Information

  • Contact
    Michael Salguero
    Co-founder and CEO
    Email Contact
    617 300 0169