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The new funds come six months after the 3-year-old New York-based company closed a $30 million Series B round of funding led by Cobalt Capital. Prior to the new raise, Feather had raised a total of $46 million in equity and debt financing to date, according to Crunchbase data.
Jay Reno started the furniture and home decor rental service when he saw a shift in how people saw rental and ownership of material possessions, the founder and CEO told Crunchbase News. He also took a nod from his own life, where he has moved nine times in 10 years, as well as seeing the amount of furniture that was filling landfills.
“After World War II, people aspired to buy a house and cars, never move and enjoy their jobs forever,” he said. “It made sense back then, but 70 years later our generation and those younger than us, aspire to have freedom, flexibility and to lean into whatever feels right. Buying and owning things no longer make sense, so we rent a lot of things.”
Furniture is capital intensive, and Feather would like to maintain control over its inventory, so it makes its own furniture and manages the assets itself, Reno said. Therefore, the new funds will enable the startup to provide growth opportunities for additional private label offerings, sustainable initiatives, owned logistics and customer service.
Starting at $19 a month, customers can choose from more then 350 pieces of furniture designed and manufactured by Feather from 20 factories around the world. The furniture is delivered and assembled within a week, Reno said. Feather currently serves New York, San Francisco, Los Angeles and Orange County, California.
As more people began working from home in March, Feather has experienced a 400 percent increase in merchandise, Reno said.
“People are saying they need to outfit their space at home to be more work-friendly, as well as realizing their home is partly a sanctuary and a work environment,” he added.
Photo courtesy of Feather
Illustration: Li-Anne Dias