Kaiyo, a full-service marketplace for gently-used furniture committed to great design, exceptional customer care, and a more sustainable planet, today announced a $36M Series B funding round comprised of equity and debt, led by Edison Partners. The investment will be used to further accelerate growth and market expansion, starting with California. This funding round comes amidst rapid growth for Kaiyo, who has experienced more than 100 percent consistent growth year over year due to growing interest in the circular economy and pandemic-induced supply chain issues.
"At Kaiyo, our mission is to make great design accessible to everyone. Furniture is one of the largest investments consumers make, yet historically, re-selling has posed a significant challenge, making it a major contributor to landfill waste," said Alpay Koralturk, Founder & CEO of Kaiyo. "In the last few years, our revenue growth and customer satisfaction scores have proven that by putting convenience first and intelligently leveraging data, we incentivize more people to consider secondhand as their first option. As furniture and household goods top the list of fastest-growing e-commerce sectors in the United States and consumer demand for secondhand furniture grows, we're extremely excited to begin our next chapter by furthering Kaiyo's success in our home market, New York, and expanding to more markets across the country with this new round of funding."
Kaiyo's geographic expansion will enhance its mission by providing consumers the opportunity to quickly and easily buy, sell and receive high-quality, pre-owned, environmentally-friendly pieces from coveted brands including Restoration Hardware, Design Within Reach, West Elm, Room & Board, and more, with the ability to offer white-glove delivery in just a matter of days. The company is built on the belief that great design and sustainability are not mutually exclusive. Currently, furniture is one of the largest waste categories in the country contributing to more than twelve million tons of waste which ends up in landfills each year. Kaiyo has helped reduce the impact by keeping nearly three million pounds out of landfills since launching.
"Kaiyo is disrupting furniture re-commerce by solving for both seller and customer pain points and creating a frictionless experience," said Daniel Herscovici, Growth Equity Investor and Partner at Edison Partners. "Alpay and his team are re-imagining the way consumers buy furniture. Their vision has transformed the circular economy for used furniture and created a next generation home decor marketplace with sustainability and environmental impact at its core."
This news comes on the heels of an explosive year for Kaiyo. Most recently, the company introduced a new Instant Offer feature, a first-of-its-kind for the furniture industry, which provides sellers with immediate gratification by giving cash instantly as soon as their furniture has been picked up, eliminating the need to wait for their furniture to sell. The company also raised a $5M Series A funding round—with this new financing, Kaiyo has raised a total of nearly $50M. To learn more about Kaiyo, visit kaiyo.com and follow their Instagram @getkaiyo.
To learn more about Kaiyo, visit kaiyo.com.