With backing from NAB, a Melbourne-based window furniture retailer has secured $15 million in funding from the Australian Business Growth Fund (ABGF).
DIY blinds received funding from ABGF for its disruptive and innovative business model within the Australian window furnishings industry. The funding will allow DIY Blinds to invest in the future growth of the business.
Entrepreneurs Evan Montero and Liam Dobson founded the company in 2015, creating an e-commerce business model that makes it easy to buy high-end window furniture online. The business has grown rapidly over the past few years and is now one of the fastest growing window furnishings retailers in Australia.
DIY Blinds co-founder Evan Montero said there was a clear gap in the window furnishings market for a purely digital offering that facilitates the supply of high-quality Australian products at affordable prices.
“Liam and I first worked together in the superannuation industry and we both had an entrepreneurial spirit to start our own business. Together, we saw a gap in the window furnishings market,” Montero said.
“We set out to disrupt the industry by offering Australian-made materials, offering quality craftsmanship and bespoke luxury designs at affordable prices for online customers, removing the need for space traditional “bricks and mortar” exhibition hall.
ABGF’s investment will also enable DIY Blinds to launch HomePro, a business division designed to serve builders, architects and designers.
NAB Group Director for Corporates and Private Banking, Andrew Irvine, said that as Australia’s largest commercial bank, NAB was proud to support small and medium-sized businesses with access to long-term growth capital. term via the ABGF.
“The Australian Business Growth Fund is a fantastic option for small and medium-sized businesses that need additional funds to support their next stage of growth,” Mr Irvine said.
“Now is the time to invest in great Australian businesses, so we are delighted to support DIY Blinds and their disruptive business model so the team can scale and grow their business at a much faster rate.”
Anthony Healy, CEO of ABGF, said: “We are proud to support a company that is committed to supporting Australian manufacturing, jobs and the economy by only selling materials made in Australia.
“DIY Blinds is our sixth investment, and we continue to build a strong SME investment pipeline with over $2 million in revenue, a proven business model, and significant growth potential.”