Leading Angel Groups, Interior Designers and Strategic Investors Back Fast-Growing Company
NORFOLK, Va., Nov. 9, 2021 /PRNewswire/ –Modern Matter, a design company and manufacturer of decorative and architectural hardware, announced today that it raised $1.2 million in seed capital. Modern Matter collaborates with leading designers to develop exclusive hardware designs for luxury homeowners. It also targets interior designers, architects, and hotels with its unique trade program to provide products for prestigious residential and commercial projects.
The company will use the new funds to accelerate the development of its e-commerce platform, build out omni-channel distribution, and grow its team. In 2022, it will open a new design studio and fulfillment center in Downtown Norfolk, Virginia.
Company on track to triple its revenue in 2021. Investors attracted by traction, diverse team, and growth opportunity.
Leading investors include TiE DC, 757 Angels, Bassett Furniture CEO Rob Spillman, and former Amway EMEA CEO Samir Behl.
“TiE’s goal is to foster entrepreneurship for the benefit of both the entrepreneur and the local community,” TiE DC Board Member Rajesh Rai said. “We are thrilled to support Rishap Malhotra and his team at Modern Matter as they build a world-class, category-leading company out of Virginia.”
757 Angels Executive Director Monique Adams echoed Rai’s enthusiasm; “Given that less than 1% of startup funding goes to minority founders and less than 3% to women founders, it is even more exciting to see investors supporting the diverse Modern Matter founding team as they build a nationally recognized brand,” said Adams.
Designers Michelle Nussbaumer and Eddie Ross, who have designed products for the company, and other angel investors also contributed to the round.
Growth in home fashion fueled by e-commerce and customer experience
With less than 20% of sales flowing through online channels, the $400 Billion U.S. Home decor e-commerce market is massively underdeveloped. Modern Matter fills that void by leveraging proprietary technology to drive discovery, engagement, and transactions.
“Several product categories in the home fashion space have been commoditized and are stuck in the old retail model. We are identifying those categories and filling product gaps leveraging customer experience at every touchpoint,” said Rishap Malhotra, CEO of Modern Matter.
“More than half of our designs can be customized by the consumers conveniently on our website and can be delivered in three to four days. We are the only hardware brand that offers that,” said Modern Matter Co-Founder Kat Mulford.
About Modern Matter
Handcrafted from solid brass and accented with luxury materials, Modern Matter’s unique and proprietary designs are redefining hardware. Formed in 2019, its customers include luxury homeowners, leading furniture brands, and hospitality groups. Modern Matter products are available at modern-matter.com and in select luxury hardware showrooms.
SOURCE Modern Matter