Oliver Space announces $36M in new funding to redesign the broken cycle of buying and discarding furniture

Launching refurbished products and trade-in, Oliver Space brings the full cycle of furniture under one roof

SAN FRANCISCO, Aug. 9, 2022 /PRNewswire/ -- Oliver Space, a technology-enabled furniture company offering a fully circular consumer furnishing experience from purchase to trade-in, today announced it has raised $36M in funding.

The financing was led by Union Grove Venture Partners, with participation from new and existing investors including Mayfield Fund, USVP, Expa Capital, Abstract Ventures, LG Technology Ventures, and Avenue Capital Group.

"For decades, the furnishing experience has been excruciating for consumers, and it starts with the broken cycle of furniture," says Chan Park, CEO and co-founder of Oliver Space. "Consumers wait months for expensive furniture to arrive, and are faced with a laborious used furniture resale experience that leads many to throw pieces out on the street. Furniture is America's largest imported consumer product category, yet at the same time it is the second largest source of urban waste, with 20 billion pounds of furniture going to landfills every year."

Oliver Space has redesigned this broken cycle by building a fully circular shopping experience. Users can select new or refurbished furniture, with multiple condition options, and schedule delivery for as soon as three days. Products can then be traded in for credit and picked up for free. Oliver technicians meticulously clean and repair returned items before making them available at a 20-50% discount. All deliveries and pickups include expert assembly and disassembly.

Oliver Space's announcement offers a solution for consumers amidst challenges to the furniture industry. As the annual inflation rate reaches 9%, furniture prices have soared 15% year-over-year, further exacerbated by supply chain disruptions. Oliver Space's innovative offering is proving to be purpose-built for these volatile times, as the company's revenue grew nearly 5x in the last year.

"Oliver Space is the only company that ensures a consistent assortment of new and refurbished items at various price points, fast white-glove delivery and assembly on every order, and a seamless trade-in experience," Park explains. "This way, Oliver has the unique ability to give consumers what they want: affordable furniture without sacrificing quality, style, or time."

Oliver Space has reimagined home furnishing since launching in 2019. Based in San Francisco, Oliver Space also services Los Angeles, Seattle, San Diego, Austin, and Dallas. Find Oliver Space at www.oliver.space and @oliver.space.

Media Contact
Olivia Whitener
[email protected]

SOURCE Oliver Space

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