Floyd raises $15 million Series B to expand sustainable furniture brand

On Wednesday, Floyd announced that it had raised $15 million in Series B funding led by Walden Ventures, with participation from Beringea , La-Z-Boy , 14w, and JPMorgan Chase, bringing its total funding to $25 million.

“Floyd is a product-first company; we are design-first. That’s how we compete in the market: people seek our quality and our unique, beautiful designs,” said the company’s CEO.

Currently, Floyd sells only through its e-commerce site at affordable prices ; for example, the sofa has a street price of between $1,495 and $2,095, which is more than a comparable product at Ikea but less than the equivalent price at Crate & Barrel .

It sells affordable products exclusively through its e-commerce site, such as sofas, which have a market price of between $1,495 and $2,095, higher than similar products at Ikea but lower than Crate & Barrel.

Floyd's revenue grew 115% from 2019 to 2020. Their goal remains the same : to make beautiful, durable, sustainable furniture that customers can take with them from a studio apartment to a single-family home.

“We want to create products that last, ” O’Dell said. “It’s all about preserving things that exist in the world.”

After raising money on Kickstarter and selling table legs and bed frames directly to consumers through their e-commerce site, they raised $10 million in Series A funding led by Beringea and established a 15-person headquarters in 2018.

With the new funding, O'Dell and Hoff will seek to sell their products at scale by investing heavily in site design , back-end infrastructure , customer support , fulfillment and manufacturing networks, as well as doubling down on their commitment to sustainability.

To that end, they also announced the launch of Floyd’s “Full Cycle” program, through which customers will be able to purchase functional furniture with manufacturing defects online at a discounted price.

Co-founder and CEO Kyle Hoff believes : “We’re trying to build a company that’s no bigger than Crate & Barrel. Full Cycle is a great fit for that , and there’s a lot of opportunity to build a large business without selling hand-made products. ”

In the $64 billion U.S. furniture market, Floyd has carved out a space for itself by focusing on experiences.

Art Berliner said: "Something with integrity and value like a piece of Freud furniture is not a product that is sold, cared for and thrown away. Freud is a brand you can trust."

Floyd

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