- Credit Suisse Group AG (NYSE: CS) is providing a $30 million credit line to furniture rental startup company Feather, according to Crunchbase
Credit Suisse Group AG (NYSE: CS) is providing a $30 million credit line to furniture rental startup company Feather, according to Crunchbase. The credit line will enable Feather to grow in new markets.
The credit line comes six months after Feather raised a $30 million Series B round of funding led by Cobalt Capital. Before this raise, Feather has about $46 million in equity and debt financing so far.
Jay Reno founded Feather upon seeing how people have been changing their perspectives around the ownership of material possessions. Reno also said that he moved nine times in ten years, which also inspired the concept for Feather. Plus he also saw how much furniture was being wasted in landfills.
“After World War II, people aspired to buy a house and cars, never move and enjoy their jobs forever,” said Reno via Crunchbase. “It made sense back then, but 70 years later our generation and those younger than us, aspire to have freedom, flexibility and to lean into whatever feels right. Buying and owning things no longer make sense, so we rent a lot of things.”
Reno noted that furniture is capital intensive and Feather maintains control over its inventory. This means Feather makes its own furniture and manages its own assets. So with these funds, it will enable Feather to create more private-label offerings and launch sustainable initiatives. Plus the company will be improving its customer service.
For a cost of $19 per month, Feather customers will be able to select from over 350 pieces of furniture designed by Feather from 20 factories around the world. And the furniture is delivered and assembled within a week. Currently, Feather is available in New York, San Francisco, Los Angeles, and Orange County.
