home24European online furniture retailer Home24 has raised another €120m in a funding round led by a leading Scottish based investment group.

Edinburgh based Baillie Gifford led the financing round to the tune of €90m, which gives it nearly 10 per cent of Home24’s stock.

The Germany headquartered retailer — which has furniture ecommerce stores and sales across Europe though not yet the UK — raised the remaining €30m from existing backers including Rocket Internet.

Home24 grew sales by 72.5 per cent to €160.1m in the year to end December, doubling customer numbers to 1.39m and shipping 965,000 orders, up by 80 per cent year-on-year.

Peter Singlehurst, investment manager with Baillie Gifford said: “We are excited to be investing in Home24 on behalf of our clients.

“The internet is changing the way we buy furniture and Home24 is at the forefront of this. We look forward to working with the Home24 team and being long term supportive shareholders.”