Branch Furniture spruces up with $10 million raise
Branch Furniture, an online seller of office furniture to individuals and businesses, raised a $10 million Series A led by Springdale Ventures.
Why it matters: Office reopenings and home workspace refreshes may be lifting up the industry.
Context: Office furniture sales are expected to grow from about $54 billion in 2021 to $59 billion in 2022 and $85 billion by 2026, according to data provided by Statista.
How it works: Branch is an online one-stop-shop, providing furniture design, space planning, furniture assembly and furniture maintenance.
- Proceeds of the fundraising will go to investing in furniture design and the company's supply chain.
By the numbers: Co-founder and CEO Greg Hayes tells Richard that he expects 2022 sales to grow threefold to over $50 million.
Flashback: Initially focused on furnishing corporate office spaces, Branch quickly went from having a few million dollars in the pipeline to zero when the pandemic hit in 2020, Hayes recalls.
- After receiving a $1 million lifeline, the company shut its doors for several weeks and worked around the clock to launch a consumer-facing business by May 2020.
- In the second half of 2021, corporate clients returned and Branch's business model evolved to selling to both consumers and businesses.
What's next: A new line of business has emerged for Branch, with landlords furnishing spaces for short-term leases of two-to-three years to attract tenants.