The co-founders of Lastminute.com, Brent Hoberman and Martha Lane Fox are reuniting for a new web venture – an interior design website.

Mydeco.com aims to become a one-stop shop for people who want to redecorate their homes, selling furniture and other items, as well as giving help and advice.

Lane Fox, who last week joined M&S as a non-exec director, will become a part-time director of Mydeco. Hoberman is executive chairman.

According to The Times, Mydeco will be one of the largest European tech startups, having raised around £5m in seed capital.

The pair founded lastminute.com in 1998, making the company into the country’s best known travel site, before selling the firm in 2005.