FloorFound, an Austin, TX-based company which specializes in recommerce for oversized items, raised $10.5M in Series A funding.
The round was led by Next Coast Ventures and LiveOak Venture Partners with participation from FlyBridge Capital Partners, Schematic Ventures and Data Point Capital. Tom Ball, Founder & Managing Partner, Next Coast Ventures, who joined the FloorFound Board of Directors with this round.
The company intends to use the funds to expand market presence in the U.S. and move into additional retail verticals such as appliances, mattresses and exercise equipment.
Led by CEO Chris Richter, FloorFound includes a destination marketplace (FloorFound.store), localized reverse logistics, processing and inspection capabilities, merchandising and pricing intelligence. Its solution also includes a robust fulfillment network of more than 40 warehouse hubs, planned to triple in 2022, and 4 major 3PL partnerships.
The company, which was recently named to Fast Company’s 2022 list of World Changing Ideas, debuted its hosted platform and marketplace for oversized items in February 2021. Since that time, it has more than doubled its recommerce sales each quarter on average and seen a 5x increase in its client base.
FloorFound currently serves innovative furniture brands including Inside Weather, Floyd, Burrow, Joybird, Mitchell Gold + Bob Williams, Living Spaces, Outer, Interior Define, Sabai, Neighbor, Modsy, Castlery, Million Dollar Baby, Kathy Kuo and more. Together with its clients, FloorFound has helped keep almost 450,000 pounds of furniture in circulation and out of landfills to date.
FinSMEs
20/05/2022