Brent Hoberman, the co-founder of lastminute.com, is returning to the internet with a furniture website that he hopes will capture more than £400million of consumer spending in two years' time, as the online furniture market expands, he expects, from £350million in Britain to £2billion. The multimillionaire is launching mydeco.com, which will showcase more than a million items from independent retailers and some of the biggest names on the high street, including John Lewis and Argos.

Mr Hoberman, who will be the executive chairman, told The Times: “We are going to change the way you design and shop for your home.” Visitors to the site will able to use 3D technology to recreate their rooms and drop in potential purchases. Mydeco.com will take a commission on items bought through the website.

More than £5million of funding has been raised from private shareholders, including Lord Rothschild's family interests. Martha Lane Fox, Mr Hoberman's partner in lastminute.com, is a non-executive director.

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