The purchase values in the region of £25m-50m, according to a report in the Sunday Telegraph, which claims Burda is expected to launch mydeco.com in Germany at some stage next year.
Mydeco.com, which is led by executive chairman Hoberman, allows visitors to use 3D imaging software to see what selected furniture from leading retailers would look like in their homes.
Burda's investment is part of a £7.35m second-round fundraising by mydeco.com's parent company By Design (UK) and takes the total amount raised to more than £12.5m since the site's launch last year, according to the Telegraph.
Other investors in mydeco include tech venture capitalist Sofinnova Partners and European venture capital fund Amadeus.
Burda publishes more than 260 magazines worldwide, including Elle in Germany.