CAMBRIDGE, MA - CustomMade.com, the online marketplace for thousands of custom cabinet and furniture makers, is downsizing, with CEO Mike Salguero departing and co-founder Seth Rosen stepping into that role.
CustomMade, launched by in 1996 by woodworker Ted Whitenkraus was acquired by entrepreneurs Mike Salguero and Seth Rosen in 2009, who raised millions in venture capital from Google and other sources (including $18 million in June 2013) to expand it into a large scale two-sided marketplace. Wood products providers grew from 350 to the current 7,500 custom woodworkers and craftsmen, among CustomMade's 13,000 "Makers" - independent artisans and craftspeople - who sell wares to consumers and some commercial customers.
Salguero, who keynoted at AWFS Fair woodworking show in 2013, acquired CusomMade.com in 2009 with partner Rosen. Originally woodshop paid an annujal fee to be listed at CustomMade.com. Later the fee was eliminated, and CustomMade.com began taking a percent of sales initiated by its artisans through its site.
The company also was at work developing Concierge service, a market place for bigger interior projects and for assistance in purchasing custom woodwork.
The venture-capital funded marketplace at one point had more than 7,000 woodworking vendors creating custom projects ordered through the company website. Investors included Google Ventures, NextView Ventures, First Round Capital, LaunchCapital and Schooner Capital. Altogether CustomMade raised $29 million from investors.
Now, news outlets say CustomMade.com has just 8 employees remaining, with most of their former colleagues hired by Wayfair.com, a home interiors marketing site.
Have something to say? Share your thoughts with us in the comments below.