Feather on Wednesday announced it secured $12 million in a Series A funding round led by Spark Capital. Kleiner Perkins, Bain Capital Ventures, Y Combinator and Fuel Capital were among those who also participated in the funding effort.
The direct-to-consumer (DTC) furniture subscription service said in a press release emailed to Retail Dive it plans to use the funding to "become a leader in reverse logistics and increase headcount." The company also said it will expand its West Coast presence into Los Angeles and Orange County, California, which come in addition to its existing markets in New York City and San Francisco.
Feather, which was founded in 2017, said it has raised $16 million in equity funding to date.
In the two years since its founding, Feather has made several moves that illustrated its growth potential and culminated in a successful funding effort.
The company formed partnerships with brands including West Elm, Casper, Tuft & Needle and Pottery Barn. And last week Feather also started to offer a membership option for its customers, according to a post on its Instagram. The membership fee is $19 per month and offers consumers additional benefits compared to non-members, such as discounted monthly furniture payments, a one-time free white-glove delivery and assembly service, and a free furniture change once a year. Memberships last one year with the option to renew.
"We believe that by providing people with furniture flexibility, we allow them to fully embrace life's changes, while reducing their environmental impact in the process," Jay Reno, CEO of Feather, said in a statement.
There has been buzz building around rental and the idea of a circular economy, especially in the home furnishings space. DTC brand Fernish has also built its business around a furniture subscription service. And bigger players have thrown their hats in the ring as well. In March, West Elm announced a partnership with Rent the Runway to offer consumers the option to rent soft furnishings like pillows, throws and quilts. Ikea has also indicated interest in this trend. The Swedish furniture company announced in April that it will expand its furniture leasing service to 30 additional markets and separately selected Fernish as one of 18 startups to participate in its Bootcamp accelerator program.
But Feather's announcement to expand into markets in Los Angeles and Orange County positions it more in direct competition with Fernish, which is headquartered in L.A. While Fernish did break into brick and mortar last month with the addition of showrooms, according to its website, it has yet to expand its presence to the East Coast.
Spark Capital has also participated in funding rounds for Wayfair, Warby Parker and Glossier, among others.