MAP start-up accelerator alumni raise $2 million investment

July 15 / 163

Brosa co-founders Richard Li (L) and Ivan Lim (R)
Brosa co-founders Richard Li (L) and Ivan Lim (R)

 

One of the startups selected for the 2014 Melbourne Accelerator Program (MAP), designer furniture company Brosa, has secured $2 million in funding from venture capital fund AirTree Ventures.


 

In just 17 months Ivan Lim, Brosa co-founder and Media and Communications alumnus, has transitioned from selling his first piece of handmade furniture to attracting the interest of one of Australia’s leading venture capital funds.

 

“It has been an amazing journey and I am really only at the beginning,” Lim says. 

 

“I grew up in a family of interior designers so to follow the profession of my mother, who resides in Brunei, is very special.”

 

Brosa, an online furniture store that sells designer furniture at low prices, is experiencing rising sales by the day.

 

“Our business is growing at 47per cent month on month and a worldwide industry report puts the Australian furniture market at $7.5 billion,” Mr Lim said.

 

Brosa’s rapid growth and ecommerce know-how attracted venture is what attracted AirTree Ventures.

 

“Brosa’s vertically integrated model, rapid process for launching new designs and just in time manufacturing is the future of ecommerce,” Craig Blair, AirTree Ventures partner, said. 

 

Brosa was accepted into MAP, the University’s start-up accelerator early in 2014. MAP provides $20,000 seed funding along with office space, support and mentorship to students and alumni with innovative startup ideas. 

 

MAP was recently ranked 13th globally by the UBI Index – a Swedish research initiative comparing business incubators worldwide.

 

“Thank you to MAP for all the support and help from the early days. We’re really proud to be associated to the University,” said Mr Lim. 

 

MAP Director, Rohan Workman said, “We’ve been big fans of Brosa for some time and strong believers in their business so it’s fantastic to see that view shared by one of Australia’s leading venture capitalists.  It’s a fantastic step for Ivan, Richard and the team but they’ll be the first to say that the hard work begins now as they look to build a large, profitable business.”

 

For more insights into MAP, please see Ivan Lim’s article Four reasons to apply for the Melbourne Accelerator Program 

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