On Wednesday, furniture rental service Feather announced it raised $30 million in a Series B funding round led by Cobalt Capital. This comes less than a year after the company’s $12 million Series A and brings its total equity funding to $46 million.
High-quality furniture costs a lot of money, and its value goes down dramatically once it is used. And for people who move around a lot, buying nice furniture can be too much of a financial commitment.
“I moved six times in the eight years after moving to New York, and each time I had a completely different living arrangement. I had to keep buying, selling and throwing out furniture,” Feather CEO and founder Jay Reno previously told Built In.
By giving people the ability to rent furniture, Feather allows its customers to have nice pieces with more flexibility and without the high upfront costs. Customers can sign up for Feather for $19 per month, plus an additional cost for each piece of furniture they rent. Feather also provides free shipping and assembly, the option to swap out or return furniture and the ability to put previous payments towards buying the furniture.
The new funding will help Feather hire more employees, expand into more markets and invest in its “reverse logistics” infrastructure — which is what allows it to reuse its furniture.
Feather launched in 2017 and currently operates in New York City, San Francisco, Los Angeles and Orange County.