Confusion in the furniture industry: the Berlin-based designer furniture start-up Monoqi presented an application last week to initiate preliminary insolvency proceedings. But the company withdrew the application unexpectedly just a few hours later. The reason for the confusion was uncertainty regarding follow-on financing promised by one of the existing investors.
The crisis seems now to have been averted. After intensive negotiations, the management reached an agreement with the existing investors, and have secured follow-on financing for the company, Monoqi says. The backers held out the prospect of Euro 3 million and an option for an additional 2 to 4 million if certain restructuring targets were achieved.
After the rescue, the design platform also plans to reposition itself and is looking to the future with management changes. Niels Nüssler has been appointed the new Managing Director at Things I Like GmbH, Monoqi’s parent company. Founder Simon Fabich withdraws into the role of active advisor. Former Finance Director Wolfgang Jünger is also stepping down.
The new direction taken by the design platform, which was founded in 2012, will also include an open format in future. Until now, the items of furniture were reserved in the first instance for the Monoqi community. The product portfolio and the selection of designer pieces available on a permanent basis will also be extended. With around 3.3 million registered users, Monoqi is one of the most popular online platforms for curated design in the German-speaking countries.