Online Furniture Marketplace Kaiyo Raises $36 Million In Series B To Accelerate Expansion, Led by Edison Partners

New Investment Reinforces Growing Consumer Demand For Secondhand Furniture and Kaiyo's Leadership Within the Industry

NEW YORK, March 29, 2022 /PRNewswire/ -- 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.

ABOUT KAIYO:
Kaiyo is an online furniture marketplace dedicated to great design, exceptional customer care, and a more sustainable planet. Kaiyo makes buying and selling furniture simple and sustainable by providing deep discounts on top brands to its buyers and by handling the moving, pickup, photography, cleaning, and delivery for its sellers. Kaiyo currently serves and provides white-glove delivery to the New York, Philadelphia, Baltimore, and Washington D.C. metropolitan areas, and offers nationwide delivery. The company is backed by Edison Partners, Moderne Ventures, Lerer Hippeau, Correlation Ventures, and Max Ventures. 

ABOUT EDISON PARTNERS:
For over 35 years, Edison Partners has been helping CEOs and their executive teams grow and scale their companies. The firm's investment team brings more than 275 years of combined investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. With experts in enterprise solutions, financial technology and healthcare IT, Edison targets high-growth companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.

SOURCE Kaiyo

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