OLX Group invests €15 million in leading home decor platform Selency
Funding will fuel the French startup’s growth as it seeks to become the leading online destination for unique second-hand furniture.
Selency was originally founded in France as Brocante Lab in 2014 and raised a €3 million Series A round in 2016 led by American venture capital firm Accel. Beyond its marketplace activities, Selency offers tailor-made design and furnishing services for architects, decorators and other businesses looking for unique vintage items.
In addition to improving its platform leveraging on OLX Group’s technological capabilities, Selency will use the funds and support from OLX Group to scale their business in France and enter new geographies in Europe.
Selency co-founder Maxime Brousse, said: “From our very first meeting with OLX Group we knew we wanted to move forward with them. We felt 100% aligned in our approach to the business and vision. We are convinced that their expertise in classifieds, tech and product as well as their amazing portfolio will be hugely beneficial by helping us seize new opportunities and reach new milestones. We are thrilled to have the chance to be a part of this inspiring group.”
Selency co-founder Charlotte Cadé added: “More than a marketplace, Selency is a pioneering digital home decor brand. Pioneering not only because of our vision to help consumers change their interior as often as they want in an easy and enjoyable way, but also because of our environmentally conscious approach: the marketplace showcases second-hand furniture and home decor, thus inserting itself in the sharing and green economy.”
The deal supports OLX Group’s efforts to expand its offer in the fast-growing home and décor marketplace segment, and forms part of its wider mission to drive the future of the classifieds industry through technology and convenience.
Commenting on the investment, Daan Sanders, CEO of OLX Ventures, said, “We are very excited to welcome Selency to the OLX Group family. Selency is a great addition to our portfolio, and fits well with both our strategy and vision. We see growth potential in the Home & Décor vertical, also as suggested by the scale of addressable market, estimated at €2.5bn only in France.
“We have been impressed by Selency’s founders and the legacy they’ve built. We see additional strategic value for OLX Group’s operations given Selency’s innovative success in areas such as cross-border transactions, shipping bulky items and content curation.”
Founded in 2014, Selency is a French online brand, selling best in class second hand furniture and home décor products. It connects more than 2000 professional antique dealers with people looking for unique and inspiring accessories, offering inspiration and new home designs right from your sofa. Selency has over 100,000 carefully curated and affordable items listed on its platform and it provides a rich variety of bespoke services to best adapt online home shopping to users’ needs.