Existing investor Dawn Capital was also involved in the Series B round, which the company said would be used to expand its share of the £1.8bn UK bathrooms market.
Bathrooms.com said it plans to take advantage of the fragmented UK bathrooms market by collaborating with international designers and sourcing its own products from Asia, giving it unique designs at competitive prices.
Online bathroom furniture and fixtures sales currently account for about £148m, but no player has more than five per cent of the market.
Augmentum managing partner Tim Levene said, “We exist to identify and back businesses that have the potential to disrupt inefficient marketplaces, and we see the online bathrooms space as just that sort of opportunity.
“It’s currently dominated by smaller players, low margins and poor customer service, but Bathrooms.com turns that model on its head.
“Its direct sourcing model, customer service offering and high design standards mean that it has the potential to grab significant market share in a short period of time.
“We’re not only excited by the UK potential for this market. Whilst the UK is a £1.8bn opportunity, the picture globally is even more exciting – France and Germany are about the same size and the US alone represents a potential £10bn market.”
Last July Augmentum partnered with Washington, DC-based private equity firm Monument Capital Group to lead an investment in Persistent Sentinel, which provides security and surveillance software products.
Copyright © 2012 AltAssets