The Playwood startup aims to raise €200,000 through crowdfunding
The Italian startup Playwood has launched its first equity crowdfunding campaign on the equity portal Mamacrowd.com. Playwood has created an ecological, modular and creative furniture solution and is planning to collect $223,170 (€200,000) during the crowdfunding campaign. The startup is aimed at a market, that of DIY and trade fairs, worth $174 billion (€156 billion) a year.
Playwood is the modular furniture startup that has developed a furniture assembly system that allows to assemble and reassemble furniture for homes, offices and trade fairs, reusing it in different combinations. The startup sold 300,000 pieces in 2019 alone, in 32 countries, and has just started its first equity fundraising on Mamacrowd.com with a minimum target set at $223,170 (€200,000).
The crowdfunding campaign has already got contributions from 15 donators on the amount of $149,585 (€133,953), and there are still 51 days left until the ending of the campaign.
Since its inception in 2016, the startup has sold over 500,000 pieces in four years. On the financial front, Playwood has concluded two private investment rounds in which some of the venture capital companies Primomiglio Sgr and LVenture Group participated. Now the time is ripe for scaleup with further capital raising. The funds raised will be used to consolidate the team, expand the sales network and continue to work on product innovation.
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Playwood offers a patented design and colored high-tech polymer
Playwood connectors are made of a colored high-tech polymer and reinforced with glass fibers to make them light, yet as strong as metal. Featuring a patented design that makes them very intuitive to use, the connectors guarantee a weight resistance of over 250 kg and can be reused indefinitely. They are produced in different angles and work like a clamp: you just slide them on the edge of the panel and tighten them in the correct position. The wooden elements of the kits come from sustainable forests and are formaldehyde-free.
In addition, the entire production and sales chain is designed to minimize environmental impact, including transport. Since its inception in 2016, the startup has already successfully completed two private investment rounds in which Primomiglio Sgr and LVenture Group Spa have participated.
“Traditional assembly methods involve screws, bolts, drills or glues that inevitably ruin furniture panels, making disassembly difficult or even impossible.” – explained Stefano Guerrieri, co-founder and CEO of Playwood. That results in 100,000 tons of furniture being thrown away every year in Europe. Fairs and events force us to transport and rethink the elements of the company stand. Moreover, our homes need changes in the space organization once in a few years. A baby on the way, children growing up, a bedroom to transform into a studio. Playwood’s innovation was to completely rethink the design of the furniture assembly system.”
The pre-cut Playwood panels are available in Leroy Merlin and BauHaus
Large international distribution chains, including Leroy Merlin and BauHaus, are offering the Playwood model in combination with the pre-cut panels. Playwood is a product already internationally validated, with over 500,000 pieces sold in just 4 years, 70% of which are sold abroad. The 105% increase in online purchases (2019) confirms that the product guarantees a unique user experience for businesses and individuals. In fact, being the fastest ever allows you to reduce set-up times and transport costs, a quality that is particularly appreciated when organizing large events or exhibitions.
Anyone interested in joining the campaign, can go to Mamacrowd.com, select the Playwood project, access the full documentation and choose the amount to subscribe. 30% of the investment can be deducted from taxes.
(Featured image by Ishant Mishra via Unsplash)
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