- Fernish, a company that is known for enabling users to rent upscale furniture and decor, announced it has raised $15 million in Series A
Fernish, a company that is known for enabling users to rent upscale furniture and decor, announced it has raised $15 million in Series A funding led by Kholsa Ventures. Investors who also joined this round include Intuit founder Scott Cook, Amazon CEO of Worldwide Consumer Jeff Wilke, Zillow co-founder Spencer Rascoff, HotelTonight co-founder Jared Simon, former Invitation Homes CEO Fred Tuomi, Scopely co-founder Eytan Elbaz, RET Ventures, and a number of other current and former Amazon executives through Tapas Capital, according to Crunchbase News.
Including this round of funding, Fernish has now raised a total of about $45 million since it launched in 2017.
“We were intentional about the amount raised here as well, and this was the figure we needed to hit the next set of milestones for our business,” said Fernish co-founders Michael Barlow and Lucas Dickey in an interview with Crunchbase.
Fernish’s partners include retailers like Crate & Barrel and CB2 along with several wholesalers and manufacturers.
“Our concept is to marry the service economy to furniture in the way that companies like DoorDash have done to food delivery or others have for transportation on demand,” added Dickey via Crunchbase News. “The emphasis is convenience in people’s lives.”
Fernish has been experiencing major growth with top-line revenue seeing 10 times higher numbers in 2019 (millions in revenue). And the company has thousands of subscribers in the markets it operates: Los Angeles and Seattle. And the company recently expanded to Orange County. Due to the COVID-19 pandemic, demand for certain items offered by Fernish has also surged especially home office orders (300% increase). Plus there was a 90% increase in accessories and decor–rugs along with throws, pillows, tabletop accessories, and lamps.
Going forward, Fernish will be using the funding to expand into multiple new markets especially in cities where more people are moving. As telecommuting has been encouraged due the pandemic, there will be more people moving to less expensive cities outside of San Francisco and New York.