On March 29, 2022, Kaiyo announced that it has raised US $36 million in Series B stock and debt financing to support growing consumer demand for used furniture and accelerate growth and market expansion across the country, beginning in California.
The round was led by Edison Partners, with participation from returning backers Moderne Ventures, Lerer Hippeau, and Max Ventures, bringing the total raised to US $50 million.
The Series B round is a result of the company’s rapid expansion. Due to growing interest in the circular economy, Kaiyo’s revenue has increased by more than 100% year over year for the past two years.
What the founder has to say:
Kaiyo founder and CEO Alpay Koralturk:
“Our objective at Kaiyo is to make exceptional design available to everyone.” Furniture is one of the most expensive purchases people make, but reselling it has always been difficult, making it a significant contributor to landfill garbage.”
He also mentioned that after moving five times in five years to NYC, he was familiar with the bother of purchasing and selling furniture. When he and his wife moved into a new apartment in 2014, they attempted buying secondhand to decorate it since they are enthusiastic about sustainability. Koralturk said the experience was so aggravating that he believed there had to be a better approach – something more convenient for the customer but ultimately better for the environment.
What the investors have to say:
Daniel Herscovici, growth equity investor and partner at Edison Partners:
“Kaiyo is upending the furniture re-commerce industry by addressing seller and buyer pain points and delivering a frictionless experience. Their idea has altered the used furniture circular economy and created a next-generation home décor marketplace that prioritizes sustainability and environmental impact.”
About Kaiyo:
Kaiyo’s clients may buy and sell pre-owned and eco-friendly furniture from companies like Restoration Hardware, Design Within Reach, West Elm, Room & Board, and more, with white-glove delivery in just a few days.
Kaiyo provides sellers with swift, free collection and cleaning, photography, storage, and delivery to buyers – all at no cost to them. Its distinguishing characteristic is that sellers receive a quick offer as soon as their appointment is confirmed. They can withdraw money without having to wait for their thing to sell. Kaiyo is the first company in the industry to offer this service.
According to Koralturk, the business also utilizes its technology to select the things most likely to sell in its marketplace and to establish pricing.
According to Koralturk, Kaiyo has hundreds of thousands of registered clients and more than 160 staff.
By 2025, the furniture resale business sales are expected to reach US $16.6 billion, up from US $9.9 billion in 2018.
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