V&M announced a merger with the Stockholm-based 20th c. design marketplace Deconet, and raised an unnamed amount in 'seed' round funding. The round marks the beginning of fundraising for an expanded Series A for the newly-formed company called Global Design Partners LLC.
Combined, the expanded V&M will have over 30,000 objects for sale from 450 dealers in 25 countries. Total value of merchandise on the site is estimated at $100 million, with most goods ranging between $250 and $5,000.
Revenues are a mix of upfront listing fees with commissions of 15% or higher depending on merchandise type.
The Global Design Partners board will include internet and media veterans: Jonas Svensson, chairman and co-founder of Deconet, and co-founder of global interactive firm Razorfish; and Kevin Umeh, former CEO of Cint USA, maker of SaaS-based market research software, and Co-Founder of Macmillan Digital, Simon & Schuster’s first online business. They will be joining R. Adam Smith, the CEO of V&M and Chairman of Global Design Partners, LLC; Richard Cooperstein, founder of Media Investment Group, and a former senior executive at Facebook, Disney, and Viacom; and Louis Santor, a media and entertainment industry consultant.
“The companies perfectly complement each other adding more value than the sum of its parts,” says Tobias Seo, CEO of Deconet. “Our capabilities will offer the global antiques, vintage, fine art and design markets unmatched resources, together with great style. The company will represent over 300,000 monthly visitors immediately with the anticipation of doubling in the coming months.”
V&M will be based in New York with offices or representation in Los Angeles, London, Buenos Aires, as well as Stockholm.
“We look forward to the accelerated growth of premiere sources of merchandise, featured content, and editorial," said Smith. "The combination of our high quality traffic and marketing synergies should greatly increase the sell-through and revenues for our platform, and our valued vendor-base.”