Furniture Rental Service Feather Secures $30 Million to Fund Expansion
Feather, the furniture rental service founded in 2017 and currently serving four metropolitan markets in California and New York, announced today that it has secured $30 million in equity funding to fuel expansion. The Series B funding, led by Cobalt Capital with participation from all existing investors including Spark Capital, Kleiner Perkins, Bain Capital Ventures, Y Combinator, SV Angel, PJC, Fuel Capital and others, brings Feather’s total equity funding to $46 million.
Feather, which currently offers monthly subscription services in New York, San Francisco, Los Angeles, and Orange County, plans to use the capital to scale the company’s proprietary reverse logistics infrastructure, expand into new markets, and acquire new talent.
“From early conversations, we knew we had found an exceptional partner in Cobalt,” said Jay Reno (at left), founder and CEO of Feather. “They support the work we’re doing to keep more furniture in homes and out of landfills because we share a vision for changing the relationship people have with material goods.”
Cobalt Capital is a recently launched investment firm by the team formerly known as Evolution Media, and Feather is its first investment; the former Evolution Media team, in partnership with TPG Growth, had invested in notable subscription and digital content companies including Tonal, Calm, The Athletic and MasterClass.
“Feather is a revolutionary furniture solution changing the way people outfit their homes,” said Dan Abrams, partner at Cobalt Capital. “We’re thrilled to support Jay and help the team build this next-generation furniture offering by leveraging our experience scaling consumer and digital content companies.”
Offering more than 150 pieces of furniture with a yearly subscription of $19 a month—featuring one-week delivery of pieces from brands such as West Elm, Pottery Barn, Casper, Joybird, and its own Feather label and the ability to switch out pieces on an annual basis—Feather saw a 400 percent increase in year-over-year customer growth in 2019 and deployed 3.4 times more pieces of furniture into homes than in 2018.
Read more: Feather Wants to Change the Way City Dwelling Millennials Think About Furniture