Online Furniture Marketplace Kaiyo Raises $5 Million to Fuel US Growth

NEW YORK, May 17, 2021 /PRNewswire/ -- Kaiyo, a full-service marketplace for gently-used furniture committed to great design, exceptional customer care, and a more sustainable planet, today announced that it has raised $5M in funding led by Moderne Ventures, with full participation from Lerer Hippeau and Max Ventures. The capital injection will be used to continue the brand's domestic growth beginning with Washington D.C., and to create impactful relationships within the Northeast's real estate market.

The core of the online marketplace is the belief that everyone should be able to furnish their home with pieces they love through a highly convenient and environmentally-friendly process. Kaiyo provides an easy-to-use platform to make buying and selling gently-used furniture seamless. With sustainability at its core, Kaiyo has kept over two million pounds of furniture out of landfills since inception and plants a tree for every order completed on its site. As delays in furniture deliveries continue due to the pandemic, Kaiyo offers an opportunity to shop and receive pieces from trusted brands in as fast as two days, creating a more accessible and customer-centric experience. 

"Since our founding, Kaiyo has sat at the intersection of convenience, sustainability, and design, revolutionizing the way consumers furnish their homes. Kaiyo has given shoppers the opportunity to spend less while accessing great furniture in a way that reduces their environmental impact," said Alpay Koralturk, Kaiyo's founder. "We are pleased to announce our partnership with Moderne Ventures as it will allow Kaiyo to continue our tremendous growth trajectory. Their experience working alongside the most innovative companies in real estate and home services will allow us to unlock new strategic partnerships and drive our mission to provide customers with a straightforward and sustainable experience when buying and selling well-made furniture." Over the past two years, the brand has seen three times consistent growth every month year over year.

This year, Kaiyo was approached by Moderne Ventures Partner, Liza Benson, after she utilized Kaiyo's platform and was impressed with its convenience and service. Although the company was not looking to fundraise, this serendipitous encounter led to an impromptu yet strategic investment that will fuel the growth of Kaiyo over the coming years. Kaiyo was also selected as a member of the 2021 Moderne Ventures Passport Program, an intensive, six-month industry immersion program providing participants education, exposure, and relationships to drive customer growth.

"Kaiyo is addressing a huge pain point for consumers by taking the hassle out of buying and selling used furniture in a secure way, enabling consumers to reduce waste and save money. At Moderne, we are opening up our B2B channels for Kaiyo in the multi-family, residential and commercial markets," said Liza Benson, Partner at Moderne Ventures. "Our platform is built around connecting our investors to our companies, creating outsized returns. We are proud to be an investor in Kaiyo and to support their continued acceleration by extending their service to our partners as a 2021 Passport Company."

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 metropolitan area which includes New York, New Jersey and Connecticut, as well as the Philadelphia metropolitan area. The company is backed by Moderne Ventures, Lerer Hippeau, Correlation Ventures, and Max Ventures. 

ABOUT MODERN VENTURES: Moderne invests in technology companies in multi-trillion-dollar industries of real estate, finance, insurance, hospitality and home services. It has both a fund and an industry immersion program, the Moderne Passport Program, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies.

Moderne has built an extraordinary network of 700+ executives and corporations within its core industries and evaluates 4,500+ emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in 100+ companies across its funds.

SOURCE Kaiyo

Related Links

https://kaiyo.com

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