London is a bustling city with more than 9 million denizens, making it one of the UK’s most productive cities. A population that dense, however, also has its downsides, one of which is the ongoing housing shortfall felt by many in the city. It’s no secret that London is in the middle of a housing crisis, and the cost of housing is through the roof. As the problem continues to escalate, landlords have been scrambling to maximize their rented spaces through property renovations that would increase the number of available rooms, at the obvious expense of spaciousness. According to a recent ONS report, bedroom spaces in London are now the smallest in all of Europe, most of which skirt the 10.22 metre minimum.
It is in this context that IWardrobes has found its relevance and strong demand for their services. What do they do? They provide bespoke fitted storage solutions that maximize living space through bespoke storage solutions tailored to a room’s particular specifications. Their services have improved hundreds of bedrooms across London through their custom wardrobes and bedroom furniture, and have helped landlords and tenants alike manage their living spaces better as such.
It may have been a fluke, but I think we stumbled upon something of immense importance
says Romans Gluhovskis, founder and owner of IWardrobes. “I started this journey because I’m passionate about bespoke furniture and storage. Never did I imagine we would get the kind of response that we did, and it makes me think that fitted storage solutions have a huge role to play in determining the future of Britain’s housing economy.”
IWardrobes began in 2011 and has grown by leaps and bounds since then. Now a growth stage company that receives business from across London, it’s now looking into expanding its advertising abilities to maximize their reach. “Early on, we faced funding limitations, which forced us to work with limited advertising. As a startup, we couldn’t get any venture capitalist or investor to back our idea and had to make do with a small bank loan. Now that we're a bit more capable, we hope to change that."
Romans Gluhovskis is happy that they’re past that hurdle and that the business is doing well. “I’d do it all over again if I have to, but I’m reluctant about going through the motions of bank loans, and I don’t think I have the time to comb through London’s virtually non-existent VC-base.
“I’m happy to have found TFGcrowd through the recommendation of a friend. I knew next to nothing about crowdfunding, but they were nice enough to help me develop my campaign.” When asked about what he felt about the future, Romans says
I’ve already seen a couple of successfully funded campaigns on the site. From what I could tell, what they had in common was that there’s high demand for those projects. My company is well within that ballpark, and I certainly hope I could secure the funding I’m trying to achieve.
“IWardrobes is certainly one of our more interesting projects to date, and there is no doubt in my mind that they’re going to be successful,” says Emil Kerimov, TFGcrowd’s Executive Chairman. “There’s a thriving market for what they have to offer, and they have a solid business model that all but guarantees their continued success. I wish them nothing but the best.”
IWardrobes is looking to secure 60’000€ and will reward backers with an annual interest rate of 15% throughout the loan term of 12 months.