Home furnishing innovator DIY Blinds secures $15 million investment from Australian Business Growth Fund

Forward-thinking home improvement startup DIY Blinds has received a $15 million investment from the Australian Business Growth Fund, after winning over the public-private partnership with its plan to reboot the window furnishing sector.

Melbourne-based DIY Blinds, founded by former superannuation professionals Evan Montero and Liam Dobson in 2015, allows homeowners to virtually design and purchase premium blinds, shutters, and curtains without ever stepping foot into a physical showroom.

Home improvers have access to a suite of free samples to make sure their orders suit their personal aesthetic. Once ordered, purchasers are free to install their own blinds, or have the company fit them professionally.

Montero and Dobson say the business model allows DIY Blinds to eliminate salesperson commission fees and showroom expenses.

The firm also eschews traditional marketing, turning to partnerships with figures like Keep It Cleaner co-founder Steph Claire Smith to promote the brand to style-conscious social media users.

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The Australian Business Growth Fund — founded as a partnership between the federal government and Australia’s six largest banks — says the company has a compelling business case.

“It’s pretty disruptive in the Australian home furnishing and home improvement market,” said Anthony Healy, CEO of the Australian Business Growth Fund.

Despite growing concerns of an economic downturn hampering consumer spending, Healy said the ABGF is looking at the long game.

“There’s a bit of uncertainty as to where interest rates are going and where consumer demand will go, but having said all that, being a long term investor like us, you can look beyond the next 12 or 24 months,” he said.

“And there’s no question that long term, the home improvement market is is a growing and attractive segment of the market.”

In a statement, Dobson said DIY Blinds was glad to have found an alternative to traditional VC investment in the ABGF, which targets companies with turnover in excess of $2 million a year and aims for sustainable business growth.

“With this long-term view, we have the freedom and ability to think through how to achieve sustainable growth for the future,” he said.

The investment will be channeled into improving customer’s online experience, while expanding its business footprint even further across the country.

DIY Blinds also intends to “fast-track” its HomePro division, which targets the commercial building sector instead of handy homeowners.

“We can see that they’ve got significant upside growth upside both in terms of the growing online market, but also going B2B,” Healy added.

The $15 million investment sits at the top end of the ABGF’s funding activities, and gives DIY Blinds a valuation of $100 million.

Ghazaleh Lyari, co-head of investments at ABGF and the leader of DIY Blind’s all-female deal team, will sit on the company board.