Furniture subscription rental service, Feather, is heading to Los Angeles and Orange County, California with $12 million in new funding and “thousands” of customers in New York and San Francisco.
Sourcing its furniture from West Elm, Feather has come up with a business model that it says solves the problem fast furniture quickly filling up landfills as new renters buy furniture on the cheap and discard their old pieces when they move (which is more frequently than ever).
For a monthly fee subscribers can choose to rent that classy West Elm sofa, love seat, bed frame or table and Feather will let their customers add, swap, buy or return furniture at will.
Deliveries to Feather’s new, LA and Orange County geographies will begin on May 20.
Feather’s furniture is delivered and assembled free of charge using its own logistics system, the company said.
The new $12 million in financing was led by Spark Capital and included Kleiner Perkins, Bain Capital Ventures, Y Combinator, PJC, Fuel Capital and the individual investor and Behance co-founder, Scott Belsky.
Feather said it would the money to increase its headcount and investment in “reverse logistics”.
The company launched in New York in 2017. Founded by Jay Reno, Feather initially didn’t start out with a rent-to-own model, but evolved over the ensuing two years to give customers more choice.
“People’s lives are constantly changing and they shouldn’t be burdened by owning their furniture,” said Jay Reno, Founder and CEO of Feather. “At Feather, we believe that by providing people with furniture flexibility, we allow them to fully embrace life’s changes, while reducing their environmental impact in the process. We’re excited that Spark Capital sees the value in what we’ve created and look forward to working with them to achieve our mission.”
Source: Tech Crunch
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