Smart Furniture Closes on Venture Capital Funding
Stephen Culp surrounded by his Smart Furniture modular display in a Charleston, SC bookstore. (Photo: Business Wire)
2004-09-01 - Chattanooga, Tenn, USA: Stephen Culp, CEO of Smart Furniture, Inc., announced that the Chattanooga-based start-up has closed a $1.75 million venture capital funding deal. Delta Capital Management, LLC, and Southern Appalachian Fund, LP, partnered in the deal.
Smart Furniture's product is an organizational, workspace and display solution that consumers can customize through a web-based interface, which can be found at SmartFurniture.com. Smart Furniture(R) is a patented furniture solution that already has customers in all 50 U.S. states and Canada. Combining the most functional aspects of web technology and industrial design, Smart Furniture(R) is an affordable and efficient space saver for companies and individuals.
According to Culp, customer service is the driving force behind his company. "We plan to design an entirely new web-based design interface for our customers," said Culp. "We are taking our award-winning, 'customer-configuration' design tool to a whole new level."
"I am delighted with the decision by Delta Capital Management and Southern Appalachian Fund to invest in Smart Furniture," said Culp. "With their financial commitment, we are now poised to further strengthen our ability to deliver customer-centric furniture solutions to a mass market."
"Delta Capital invests in companies that have the potential to be leaders in their respective markets, and Smart Furniture clearly shows that potential," said Don Mundie, a partner at Delta Capital. "The company's unique web-based customer self-service business model has achieved amazing results in the retail industry. We are pleased to add Smart Furniture to our portfolio."
"We are investing in Smart Furniture because we like the CEO, and we like the company's business model," said Grady Vanderhoofven, assistant fund manager for the Southern Appalachian Fund. "This company has tremendous potential for growth, and we're excited to help enable that growth."