Furniture marketplace Kaiyo raises $36M
Kaiyo, an online marketplace for furniture resale, raised a Series B of $36 million consisting of debt and equity and led by Edison Partners.
Why it matters: The funding round highlights the rising popularity of re-selling lightly used goods, which gives consumers both a bargain and sustainability cred.
Details: Kaiyo, founded in 2014 to solve the problem of furniture waste, was an early entrant in the space, founder and CEO Alpay Koralturk says.
- The startup has consistently seen 100% year over year revenue growth, he says, adding that the company could achieve "hundreds of millions of dollars" in sales within a few years.
- Brands the e-commerce business sells includes Restoration Hardware, Design Within Reach, West Elm and Room & Board.
Of note: One of Kaiyo's missions is to fund the planting of trees in underserved neighborhoods, where canopy coverage is only 6%, the CEO said.
What's next: Proceeds from the Series B round will be invested in marketing, branding, and additional staff.
- The company has locations in New York City, Philadelphia, Baltimore and Washington, D.C. It plans to expand into Los Angeles and San Francisco this year., adding Boston, Chicago, and Texas cities after that.