CasaOne, the San Francisco-headquartered furniture rental startup, on Friday said that it has raised $16 million in Series B round of financing led by Accel. The investment round also saw participation from existing investor JLL Spark, Freestyle Capital, NextWorld Capital, and Array Ventures.
New investors who invested in the round include Quiet Capital, WeWork, and a few prominent angel investors including Lydia Jett from Softbank’s Vision Fund.
According to the company, the funds raised will help CasaOne expand to newer geographies, hiring technology and engineering talent, and expand into adjacent product categories.
CasaOne also plans to further double down on engineering and market expansion with the funds raised. The company also plans to launch in London, in the first-quarter of 2020, as its first international market.
Launched in 2017, CasaOne is a furniture rental solution that aims to eliminate points of friction that comes with sourcing, designing, set-up and maintenance of furniture, furnishings, and equipment, either at a residence or an office.
With increased demand from businesses, the startup launched BureauOne in May 2019, to cater to fast-growing companies, mid-market firms, and enterprises to convert their FF&E (Furniture, Fixtures, and Equipment) into a utility.
Speaking on the startup, Shashank PS, Founder and CEO of CasaOne, said,
“At CasaOne and BureauOne, we are building technology for real-time inventory, supply chain, and large format logistics for the old school furniture and logistics industries. This helps us deliver best-in-class SLAs to our customer. Our goal will always be to place our customers front and centre by offering a wider selection of furniture, higher flexibility, and better pricing coupled with a turnkey solution.”
Shashank added that the backing and expertise of its financial and strategic investors will help the startup execute its vision even more rapidly and broadly – in a category that previously hasn’t seen much innovation.
Subrata Mitra, Partner at Accel, added,
“CasaOne and BureauOne’s turn-key solution enables businesses to be nimble about their furniture/FF&E requirements in their office spaces. As CasaOne has grown rapidly, the company has been able to respond quickly to the growing need for on-demand furniture in commercial real estate. Shashank and the rest of the team continue to build a great company in this space, and we’re excited to lead another round of investment at CasaOne and BureauOne.”
Apart from a selection of furniture, furnishings, décor, and equipment for homes and offices, the platform also offers 3D visualisations and space-planning expertise; white-glove assembly, delivery, and onsite installation; flexible monthly plans and easy upgrades; as well as; furniture protection and maintenance.
Mihir Shah, Co-CEO, JLL Technologies, said,
“CasaOne with the introduction of BureauOne earlier this year, it brings new flexibility, speed, and convenience to office landlords and tenants in commercial real estate. Businesses can furnish office spaces in a matter of days instead of waiting for weeks or months. We’re excited to continue our partnership as CasaOne and BureauOne scale and expand to new markets.”
Today, CasaOne operates out of six markets – Chicago, New York, Los Angeles, Seattle, the San Francisco Bay Area, and Washington, DC.
(Edited by Suman Singh)