Ning Li was an investment banker in his mid-twenties when frustration over buying a sofa sparked the idea for Made. He had also co-founded MyFab.com, a Paris-based furniture business. Brent Hoberman told him to settle in the UK, where he would help launch a new idea.
Made launched in March 2010 with £2.5m. Its model was simple: show designs online, collect enough orders, then have the factory build and ship direct. A £6m Series B followed in January 2012. In 2013 Li travelled with David Cameron on a trade trip to China.
Made raised £38m in July 2015 from Partech and Eight Roads Ventures, the year Chloe Macintosh stepped down. A further £40m came in March 2018. It listed on the London Stock Exchange in June 2021 at £775m, with FY2021 revenue of £371m and a loss of £31.4m.
CEO Philippe Chainieux quit in February 2022 and Nicola Thompson took over. Made stopped taking orders in October 2022 and entered administration on 9 November 2022, with about 500 jobs lost. Next relaunched the brand online in August 2023. After the collapse Li publicly accused later management of losing focus.