Online home furnishing companies saw accelerated growth as people spent more time in their homes this year, and Chairish, an online marketplace for high-end furnishings, was one of them.
Subscribe to the Crunchbase Daily
As a result of the growth, the 7-year-old San Francisco-based company announced a $33 million Series B round of funding Thursday led by Tritium Partners. Additional participation in this round includes previous investors Altos Ventures, Azure Capital and O’Reilly AlphaTech Ventures. With this new funding, the company has raised nearly $50 million to date, according to Crunchbase data.
“We haven’t taken the traditional journey to venture capital, but to a series of smaller, steadier bites instead,” Gregg Brockway, co-founder and CEO of Chairish told Crunchbase News. “This is the largest round we have ever raised, which signifies that the industry is ready for us to take on bigger projects.”
The online home furnishings industry has been growing steadily, but continues to take only a modest share of the total market. Meanwhile, COVID-19 accelerated the market by five years, Brockway said. Global technology research company TechNavio, which monitors the online home decor market, reported in May that the market is expected to grow by $83 billion over the next four years.
Chairish connects 3.8 million affluent shoppers to more than 10,000 sellers offering over 500,000 items. Initially, the company offered a curated selection of vintage and antique pieces, but steadily began adding furnishings from designer brands, original artists and exclusive makers.
“What we like to do is curate, so we will continue to offer things that are interesting to us,” Brockway said.
Chairish will use the new investment to scale its growth and online distribution. Brockway said that starts with hiring additional staff in the areas of engineering and sales, while also increasing the services offered to buyers and sellers. He also said the company will explore more strategic acquisitions for complementary companies, such as its acquisition of online trade marketplace Dering Hall in 2019.
“The group that we are focused on is interior designers, so we want to do more for them and put support behind our trade program,” he added. “In addition, high-end design is increasingly becoming an international platform. Demand from both buyers and sellers are at levels far greater than we were seeing before COVID. We now have big strategic initiatives to do a better job of doing what the community is asking for.”
Feature photo of the Casa Cosima Desk courtesy of Chairish
Blogroll illustration: Dom Guzman