Fernish Raises $30 million to Scale Furniture Subscription Business

Los Angeles, California, UNITED STATES


LOS ANGELES, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Fernish, the furniture-as-a-service startup, has raised $30 million in new capital. The round was co-led by RET Ventures with participation from Techstars Investments and prominent individuals including Jeff Wilke, Amazon’s CEO of Worldwide Consumer, and Scott Cook, founder of Intuit. The money will be used for new talent, customer acquisition and market expansion.

Fernish launched in Los Angeles in 2018 and has since expanded to the Seattle area, with plans to enter several new markets this year. Since launch, the company has put millions of dollars of furniture into circulation with its subscriber base, who choose from a designer-curated inventory of top-quality furniture from select retailers and in-house brands. Subscribers sign up for a plan entailing a monthly fee, and can swap-out, buy-out or return furniture to Fernish once their subscription period ends. 

“We’re excited to work with Fernish as they create a new category of customer behavior,” said RET Ventures Managing Director John Helm. “We’ve seen companies like Rent the Runway, Uber and Lyft challenge consumers’ notions of product ownership and succeed. We believe Fernish has a leadership team in place that has answered a market need with an innovative business model.”

Furniture Today’s Consumer Buying Trends Survey found that millennials are the largest consumer group in the US furniture and bedding market despite the average age of first-time homebuyers going up to 30 years old in 2018. This means that young professional consumers buy, move and dispose of furniture through a variety of short-term housing situations. This burdensome need to buy, move, sell or store furniture is made more acute by the fact that the average person moves 12 times in their lifetime. Fernish provides people with a flexible alternative to furniture ownership that enables customers to select pieces based on their lifestyle, budget and taste.

“Fernish is responding to a change in consumer behavior towards mobility, flexibility and convenience,” says Michael Barlow, co-founder and CEO of Fernish. “These trends have significantly impacted industries like homes, cars and clothing. Fernish is bringing those same trends to home furnishings.”

“Since launching last year, we’ve learned an incredible amount about our customer base and what they value,” says Lucas Dickey, co-founder and Chief Product Officer at Fernish. “The new capital will allow us to continue building our team and platform around those learnings.”

About Fernish

Fernish is a subscription service for the home. The company creates flexible and inspired home experiences for an increasingly mobile society. Fernish provides subscribers the opportunity to choose home furnishings they want for however long they want them, for one monthly subscription price. Learn more about Fernish at www.fernish.co.

About RET Ventures

RET Ventures is the first industry-backed early stage venture fund focused on helping build cutting-edge real estate technology companies for the multifamily industry. The firm connects the smartest rent tech solutions with the largest network of multifamily and single-family rental units in North America. RET Ventures works with high quality entrepreneurs to rapidly scale their businesses by leveraging the knowledge and expertise of its team and limited partners, who own close to one million units. In turn, these owners receive early access and insight into the most effective technology solutions. Learn more about RET Ventures at www.ret.vc.

About Techstars

Techstars is the worldwide network that helps entrepreneurs succeed. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates three divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, and Techstars Corporate Innovation Partnerships. Learn more about Techstars at www.techstars.com.

Media Contact:
Kevin Wolf
TGPR
(650) 483-1552
kevin@tgprllc.com