US-based Kaiyo, a full-service marketplace for gently-used furniture committed to great design, exceptional customer care and a sustainable planet, raised US$ 5M in a funding round on 17 May 2021.
Investors: The funding round was led by Moderne Ventures, with participation from Lerer Hippeau and Max Ventures. Kaiyo was also selected as a member of the 2021 Moderne Ventures Passport Program, a six-month industry immersion program providing participants exposure and networking opportunities to drive customer growth.
Purpose of the funding: The funds raised will be used to continue the brand’s domestic growth and to create impactful relationships within the Northeast’s real estate market.
About Kaiyo
Founded in 2014 by Alpay Koralturk, Kaiyo is an online marketplace for pre-owned furniture that was built to last. Kaiyo’s mission is to make beautiful furniture accessible to everyone and contribute towards sustainability. Kaiyo’s platform makes buying and selling gently-used furniture seamless. Kaiyo claims that it has kept over two million pounds of furniture out of landfills since inception and plants a tree for every order completed on its site. Due to the pandemic, Kaiyo is also offering an opportunity to shop and receive pieces from trusted brands in as fast as two days.
Kaiyo is currently operating in the New York metropolitan area which includes New York, New Jersey and Connecticut and the Philadelphia metropolitan area.
What the founder has to say: “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. 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.” — Alpay Koralturk, Kaiyo’s founder.
What the investors have to say: “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. 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.” — Liza Benson, Partner at Moderne Ventures.
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