Furniture startup Burrow raises $25M
Image: Collected
Burrow, a startup that first launched with a good modular sofa, sooner or later aims to sell you furniture for every room at home. Today, it’s announcing that it’s brought up $25 million in Series C financing.
Burrow participated found in the Y Combinator accelerator in 2016 with a short aim of construction sofas that, by virtue of being modular, were much easier to move and adjust to a range of living spaces. Right now its merchandise lineup also contains armchairs, ottomans, tables, rugs, lights and other extras. Actually, the business says it launched 19 new products last year, incorporating a modular shelving system.
When I asked via email about this growth, co-founder and CEO Stephen Kuhl told me the business follows “an extremely rigorous research method” involving customer surveys, focus teams, online search data and more.
“The target is to match the most significant customer needs with the largest industry opportunities,” Kuhl said. “Once it’s distinct what category to enter, we use our analysis to define how we’re likely to develop the very best version(s) of every product for our buyer bottom, and how we’re likely to build the very best end-to-end customer knowledge around that merchandise. I’m likely to jinx it, but each and every product we’ve ever before launched has exceeded projections, a testament to your customer-centric, research-driven design method.”
Burrow says it found triple-digit revenue growth this past year, a craze it anticipates continuing in 2021. Kuhl suggested that the startup can be benefitting from broader tendencies accelerated during the pandemic, including the shift to e-commerce, an elevated focus on the house and people moving to the suburbs (and purchasing more furniture along the way).
“Over the last 1 . 5 years, we launched innovative new products in every group of living room pieces of furniture,” he explained. “In 2021, we’ll continue that growth into every bedroom of the house.”
The startup has now raised a complete of $55 million. Its Series C was led by Parkway CAPITAL RAISING, with Managing Partner Gregg Hill becoming a member of Burrow’s board of directors. NEA, Crimson & Blue Ventures, Winklevoss Capital and Michael Seibel also participated in the brand new round.
Burrow says it'll use the new financing to launch services while also investing in operations and building out its international supply chain.
“Parkway looks for brands that are changing how exactly we live today and innovating to stay ahead,” Hill said found in a statement. “We thought in Burrow’s business design right from the start, having committed to their Series B circular, and recognize almost all their future potential.”
Source: https://techcrunch.com
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