Oliver Space raises $ 13 million in Series A funding
Oliver Space closes a $ 13 million Series A financing round today, bringing the total amount raised to date to $ 21 million in equity and an additional $ 16 million in debt financing, to continue its mission to bring unprecedented ease and flexibility to the furnishing experience. . The round was led by Silicon Valley venture capital firm US Venture Partners (USVP), alongside Mayfield Fund, Abstract VC, Expa Capital and Burst Capital. Rick Lewis, USVP general partner, will join the company’s board of directors.
“Buying furniture is an outdated process that simply no longer meets the needs of consumers, with issues exacerbated by supply chain delays and a rapidly changing consumer landscape due to COVID-19. Consumers demand quality, flexibility and speed, and industry innovators have been unable to come up with a viable solution that would address all three, ”said Chan Park, CEO and co-founder of Oliver Space. “As a team, we have collectively moved hundreds of times and deeply understand the emotional nature of furnishing a new home, which is why we solve all the major issues customers face when shopping. furniture. “
The COVID-19 pandemic has exacerbated many existing inefficiencies in the furniture buying process. Often expensive, customers are forced to choose between spending more on quality pieces that they may not keep forever or buying less expensive furniture that has a significantly shorter lifespan. Beyond the price, the process is also inflexible, impersonal, and slow, with made-to-order parts sometimes taking months to arrive. Due to physical store closures and the surge in demand, production and shipping capacities were further strained, leading to steeper price increases and delivery delays of several months.
Oliver Space’s bespoke model is designed to meet the rapidly changing needs of consumers, whether they’ve just moved to a new city, bought a new home, or just looking for a design refresh. Oliver Space offers its customers flexible upfront or monthly payment plans, all at 0% interest, to allow them to hold, exchange or return designer-selected pieces as often as needed. All catalog offerings come direct from the manufacturers and are hand-picked by the team for seamless retention, and inventory is kept close at hand, allowing customers to receive their orders with white-glove delivery within 3 days – an unprecedented delay in the industry. .
This Series A investment follows a record performance over the past year for Oliver Space during the pandemic, including a 500% increase in monthly revenue, an 800% increase in monthly order volume and a tripling of its workforce to support this trajectory. The company is actively expanding its footprint city by city, simultaneously announcing launches in Seattle, San Diego, Dallas and Austin, increasing its served markets from two to six. Oliver Space plans to use part of the proceeds from this A-Series to invest heavily in its logistics infrastructure, expand its technology team and further fund its marketing capabilities.
“The mindset of consumers changes completely when using Oliver Space’s service. Over the past two years, we’ve learned that the flexibility, speed, and convenience we offer open up the possibility of experiencing living spaces. We are seeing the typical Oliver customer double the number of items they receive from us in the first 18 months, ”continued Mr. Park. “They’re using our service to increasingly furnish the square footage of the home. There is something incredibly refreshing about being able to modify and evolve your space with ease, as tastes and needs change. “
“As long-time investors in the consumer space and as someone who has personally felt the hardships of furnishing a new home, we understand that the furniture industry is on its way. to experience a seismic change, accelerated by the pandemic. The retailers who will benefit most are those who quickly adapt their capacities to meet the needs of consumers. That’s why Oliver Space’s vision of reshaping the way people furnish their homes with flexibility, speed and quality immediately resonated, ”said Rick Lewis, General Partner of USVP. “We believe the Oliver Space team has created a truly innovative and one-of-a-kind experience that will completely change the way everyone thinks and buys furniture in the future.”