Narchie, the social marketplace app for homeware, has secured a pre-seed investment of £475K from experienced entrepreneurs and investors including, Episode 1 Ventures’ partners, Simon Murdoch, Damien Lane, and Adrian Lloyd. The company will use the funding to support its ambitious plans to grow the product, engineering, and community support teams.
How was Narchie born?
The idea for Narchie came about when friends asked Harriet to help them source homeware items for their homes. Harriet was frustrated by the time-consuming trawling this process involved, searching on sites like Gumtree, Ebay, and Etsy.
And that is when Harriet decided there was a need for a creative, inspiring homeware first platform where decor enthusiasts could buy, sell and connect.
Challenging “waste culture”
According to the company, 22 million pieces of furniture are thrown away in the UK every year. Narchie is challenging this “waste culture” with their new homeware marketplace app that promotes a circular lifestyle for homeware.
The second-hand market has been booming in recent years, with expectations for it to grow and be worth $80 billion by 2029.
Depop has been rapidly growing as a second-hand fashion platform, with businesses such as Selfridges now offering services that enable shoppers to buy and sell vintage garments. However, the competition amongst platforms specialising in homewares isn’t as strong as fashion, and that’s where Narchie aims to capitalise on the opportunity.
With Narchie App, users will be able to create a fully shoppable profile that suits their individual aesthetic; listing items on a moodboard-style scrollable profile feed.
The explore page in the app will show items and posts based on what each user likes, whilst highlighting posts from those with high engagement, and profiles similar to accounts they follow. The app allows users to search for specific items, sellers, styles, and more, all in one place. Notably, Narchie will charge sellers a 10% fee on the total listing amount, including shipping costs.
The Narchie team has a growing waitlist of over 5,000 users for the social homeware marketplace that is set to launch at the end of the Summer.