SAN FRANCISCO — Modsy, an online interior design service that uses 3D visualization technology, has closed a $37 million series C fundraising round led by TCV, with participation from existing investors Norwest Venture Partners, Advance Venture Partners (AVP), and Comcast Ventures.
Modsy has raised a total of $70.75 million in venture capital funding. Other investors in the company include NBC Universal and GV.
Modsy says it has expanded its customer base 450% since its previous funding round and creating over 2 million shoppable lifestyle renders since it launched. Modsy’s groundbreaking 3D technology offers the fastest way for consumers to receive affordable home design expertise by combining its AI-powered recommendation platform to curate items based on layout, style, color, and price. Additionally, 100% of the personalized product recommendations in each design are completely shoppable, which alleviates the burden of parsing through hundreds of furniture items online and in-store.
The new funding from TCV will allow Modsy to increase investment in 3D automation, expanding its retail marketplace and enhancing its design and concierge shopping services.
Shanna Tellerman, Founder and CEO of Modsy, said: “Modsy is the future of furniture shopping and we are thrilled to partner with such a forward-thinking and customer-centric firm like TCV to help us fulfill our vision. I founded Modsy on the premise that in the future we would all be shopping from a personalized catalog-like experience within a virtual version of our real homes. This new round of funding will bring us even closer to this reality. We are excited about partnering with TCV to build Modsy into a household name and furthering our mission of enabling our customers to create the home of their dreams!”
With this round, TCV’s Executive Vice President Tina Hoang-To has joined Modsy’s [female-majority] board alongside Shanna Tellerman, Modsy CEO, Courtney Robinson, Partner at Advance Venture Partners and Jeff Crowe, Managing Partner at Norwest Venture Partners.
Tina Hoang-To, Executive Vice President at TCV, said: “The U.S. home furnishing market is a massive, multi-billion dollar industry and we are seeing a very clear secular shift online. Modsy is redefining the way consumers can buy furniture by leveraging technology and machine learning to introduce efficiency, transparency, and affordability to an antiquated home design industry. We are excited to partner with Modsy and believe the company is well positioned to transform this industry in a significant way.”