The duo who founded travel website lastminute.com have launched a new internet site that aims to transform the interior design market.
Mydeco.com will bring together more than one million products from 500 retailers, as well as offering consumers three-dimensional room planning tools to help them see how the products will look in their own home.
Retailers whose products will be offered on the site range from popular high street chains such as John Lewis, The Conran Shop, Marks & Spencer and Argos, to small niche manufacturers.
Brent Hoberman will be executive chairman of the new group, while Martha Lane Fox, who set up lastminute.com with him, will be a non-executive director.
The UK's interior design market is worth around £14 billion a year, and it is thought the market will develop in line with the United States, where one in 10 furniture purchases are now made online.
Mydeco.com will also include style advice from designers including Sir Terence Conran, Jade Jagger and Kelly Hoppen, and an online area where users can swap ideas and see each other's rooms.
Its founders hope the website will transform the way people design and shop for their homes in a similar way to how lastminute.com transformed the travel industry.
Mr Hoberman said: "Mydeco helps you get more out of your home.
"The site empowers consumers by giving them unrivalled choice, design advice and unique room-planning tools.
"We, as a nation, spend about £14 billion a year furnishing our homes - yet until now, the internet hasn't been used to bring it all together and make the customer's shopping experience easier and more enjoyable."