AUSTIN, Texas – FloorFound, a website that offers recommerce for oversized items, has announced it has secured $10.5 million in Series A financing.
The funding comes as retailers and brands embrace the company’s solution that streamlines the recovery and resale of returned, lightly used and open-box items.
“Consumer demand for sustainability, coupled with a strained supply chain and growing inflation, has pushed recommerce and resale to the forefront of retail,” said Chris Richter, founder and CEO of FloorFound. “With this new funding round, we are bringing this sustainable model to more brands and shoppers around the globe, driving business forward while helping protect the planet.”
The company debuted its hosted platform and marketplace for oversized items in February 2021. Since that time, it has more than doubled its sales each quarter on average and has seen a 5x increase in its client base.
FloorFound currently serves furniture brands including Inside Weather, Floyd, Burrow, Joybird, Mitchell Gold + Bob Williams, Living Spaces, Outer, Interior Define, Sabai, Neighbor, Modsy, Castlery, Million Dollar Baby and Kathy Kuo. Together with its clients, FloorFound has helped keep almost 450,000 pounds of furniture in circulation and out of landfills to date.
The round was led by Next Coast Ventures and LiveOak Venture Partners with participation from previous investors, FlyBridge Capital Partners, Schematic Ventures and new investor Data Point Capital. The funding will be used to expand the company’s market presence in the U.S. and move into additional retail verticals such as appliances, mattresses and exercise equipment.