Floyd Inc, a Detroit-based online furniture company, has raised $5.6 million in Series A funding. The investors included Beringea.
FARMINGTON HILLS, MICH. (Jan. 18, 2018)— Beringea, a private equity firm providing growth capital to high growth, high potential businesses, has made a new investment in Floyd, Inc., an online furniture company that designs and manufactures high-quality pieces at an attainable price point. The capital, part of a $5.6 million Series A funding round, will help the company expand its existing product line, scale its marketing, and grow its team.
Since initially launching in 2014 via Kickstarter, Detroit-based Floyd has been committed to creating the perfect collection of home essentials, making the best version of a single product. After launching The Floyd Platform Bed two years ago, the company most recently introduced The Floyd Table, an easy-to-assemble and beautifully designed multipurpose table.
Kyle Hoff, co-founder of Floyd, said: “Traditional segments of retail are being disrupted by e-commerce companies, and we see this as an era in which the next leading brands will be born. The funds and partners from this round of financing position Floyd to lead as a next-generation furniture company that puts customer experience, lasting products, and great design first.”
Charlie Rothstein, senior managing director and co-founder of Beringea, said: “Floyd is transforming the furniture market in a way that appeals to today’s younger, more mobile buyers. The fact that this innovative company launched in and is expanding its team in Detroit shows that the Midwest is a place where entrepreneurs can turn good ideas into great companies, fueled by a low cost of capital and high standard of living.”
Co-founded by Kyle Hoff and Alex O’Dell in 2014, the company is committed to creating lasting pieces, versus the all-too-common practice of buying inexpensive furniture to only then dispose of it when moving into a new home. All products ship directly to consumers’ doorsteps within days and without any fees. No tools are ever required for assembly, and each piece can be taken apart with ease. The furniture is designed to be timeless and is built in American factories from high quality materials, translating into a beautiful design at an attainable price.
In 2015, the company launched The Floyd Bed Frame, and since then, it has become one of the most instantly recognizable frames for purchase online. Most recently, the brand launched Stay Floyd, an innovative partnership with select Airbnb hosts that places the frames in design-led listings from Joshua Tree to Toronto to the Catskills — allowing consumers to experience the digital brand where it is really meant to be: in the home. For more information, visit www.floyddetroit.com.
Beringea provides equity and/or mezzanine debt to growth-oriented companies in the U.S. and UK. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in exceptional companies operating in a range of sectors, including healthcare, information technology, advanced manufacturing, digital media and ecommerce, and specialized consumer products.
With flexible capital solutions, extensive investing experience and an international footprint, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com.
In the United States, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. The contents of this communication piece are in no way intended as a solicitation to investors and are for new investment deal flow purposes only.