Interior design retailer Houseology has met its £1m investment target through crowdfunding website Seedrs.com and will use the funds to expand internationally.

The Glasgow based ecommerce retailer, whose existing shareholders include the former Tesco CEO Sir Terry Leahy, offered investors a circa 11 per cent stake in return for the money.

Crowdfunding allows a wide variety of investors to acquire a stake in a business for relatively small sums of money. Houseology already sells to customers in around 100 countries worldwide and wants to consolidate and build sales in markets it sees as having the greatest potential.

Separately, Bill Dobbie has become interim chairman at the retailer, replacing Bob Willett, who has retired. Mr Willett, the former Best Buy chief information officer, remains a board advisor and shareholder.