The Berlin interiors start-up 99chairs has announced that it has entered into strategic insolvency proceedings under its own management. This means that its founding team of Julian Riedelsheimer and Frank Stegert will stay at the helm, but the company can be restructured. According to a report by the online portal Deutsche Startups, this special form of insolvency proceedings was necessary because the company’s talks with investors have become protracted. To enable the business to recover, the court has appointed an administrator, who will work alongside the two founders.
Originally 99chairs acted as an intermediary, finding personal interior design consultants for private individuals. The consultants provided individual advice and a free, tailored design concept with specific furniture suggestions and home accessories. To develop the concept, the customer’s preferences were captured using a combination of a mood board and a questionnaire, and evaluated with the aid of an intelligent algorithm. If the customer wanted to, he or she could then go on to purchase the suggested furniture directly via 99chairs.
Roughly one and a half years ago, the young company began to focus on business customers and office design. The interior start-up works with online stores such as Westwing and Juniqe as suppliers of furniture and furnishings. According to the company’s statements, 99chairs has already secured Euro 3.3 million in its funding rounds to date.