CasaOne, a Bengaluru- and San Francisco-based furniture rental startup, has raised $16 million (Rs 114.96 crore at current exchange rate) in a Series B funding round led by Accel.
New investors include Quiet Capital, WeWork, high net-worth individuals and angel investors such as Lydia Jett, partner at SoftBank’s Vision Fund.
Existing investors include JLL Spark, Freestyle Capital, NextWorldCapital and Array Ventures, said CasaOne in a statement.
The startup, operated by La Casa Ventures Inc., will use the capital it has raised to expand to new geographies such as London and product categories adjacent to the ones it is already in. CasaOne will also use the funding to hire for its technology and engineering teams, it said.
“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,” CasaOne founder and chief executive Shashank PS said. La Casa Ventures also runs BureauOne, which caters to fast-growing companies, mid-market firms and enterprises.
Accel partner Subrata Mitra said the venture capital firm was confident about its investment because of CasaOne’s management team and product. “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,” he said.
CasaOne launched operations in 2017, while BureauOne was established earlier this year. The two brands provide a full-service rental solution and focus on eliminating the hassles involved with furnishing spaces in a short period of time.
They both offer a wide range of furniture, furnishings, décor and equipment, and offer services such as 3D visualisations and space-planning expertise, white-glove assembly and installation, flexible monthly plans and upgrade options. Currently, CasaOne operates out of markets such as Chicago, New York, Los Angeles, Seattle, San Francisco Bay Area and Washington, DC.
It joins a host of furniture rental startups that have raised money in recent times. For example, in May this year VCCircle reported that online rental marketplace RentoMojo had raised fresh funding from one of India’s most active angel investors. Previously this year, Accel also participated in the company’s Series C round.
Furlenco, which is run by Kieraya Furnishing Solutions Pvt. Ltd, raised its Series C round of funding last year led by UAE-based venture capital fund Crescent Enterprises Ventures.