Furniture rental service Mobley came out of stealth mode Tuesday with a new name, a new round of funding, and a new feature.
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The New York-based startup, founded in 2017, is now called Conjure. It provides curated furniture styles by designer artisans. Its architectural and cultural styles follow New York neighborhoods–West Village, East Village, Tribeca and Soho–and the collection is led by designer Adam Charlap Hyman.
Additionally, Conjure touts itself as the first in the furniture rental industry to launch its innovative concept of “flexible ownership,” where at the end of the lease, renters can choose to trade-in and swap out furniture pieces or purchase them for the fair retail price, Daniel Ramirez, co-founder and CEO of Conjure, told Crunchbase News.
“We created that program because we know that people’s tastes change,” he said. “Your home should reflect the differences and changes in your life. We feel people don’t do that, and we are trying to change that.”
Spending so much time at home during the COVID-19 pandemic is prompting people to look at their style and take into account the kind of environment they need to have. During the past six months, we’ve written several stories about furniture rental startups raising capital, including Fernish, which announced a $15 million Series A in May, and Feather, which raised a $30 million Series B in August.
To advance its mission, Conjure raised $9 million in seed funding, both equity and debt financing. The round included $4 million in equity led by Pillar VC and RiverPark Ventures, while $5 million in debt financing was led by CoVenture, Ramirez said.
The new funding will help Conjure add to its collection of high-quality home furniture and accessories, acquire more customers, hire more designers and artists, and expand delivery outside of New York to the East Coast.
In addition, the funding supported the company’s launch of what Ramirez said is the “industry-first” Bazaar, a marketplace for unique, exclusive and collectible home accessories that will include art, rugs, curtains, wallpaper, sheets, coffee tables and books.
In the past two years alone, the company has seen more than 7.6 times revenue growth. In March, it saw a 3.8 times increase in monthly signups, Ramirez said.
“The whole environment has changed,” he said. “A lot of people are spending more time at home, and their style and environment is changing. Our rental program is driving our inbound requests, and with the new model, we expect the reception to be even better.”
Feature photo courtesy of Conjure.
Blogroll illustration: Dom Guzman