La Casa Ventures Inc., which operates Bengaluru and San Francisco-based CasaOne, has raised $50 million (about Rs 380 crore at current exchange rate) in debt financing from multinational financial services group Credit Suisse.
La Casa Ventures also runs BureauOne, which caters to fast-growing companies, mid-market firms and enterprises. The company says that the two brands provide a full-service rental solution and focus on eliminating the hassles involved in furnishing spaces.
The debt infusion from Credit Suisse comes after the company in November last year raised $16 million (around Rs 114.96 crore) in a Series B funding round led by Accel.
New and existing investors such as WeWork, Quiet Capital, JLL Spark and Array Ventures also participated in that round.
It will use the proceeds from this exercise to support its overall business growth as well as its expansion into newer categories within the furniture, fixtures and equipment space.
“There is a market need for our fast, flexible, and cost-effective furniture, fixtures, and rental solutions,” chief executive officer Shashank Shankaranarayana said. “In the light of Covid-19, we are seeing a further acceleration in demand for on-demand, flexible furniture rental and leasing options in addition to remote work and work from home solutions.”
While CasaOne began operations in 2017, BureauOne was established in 2019. 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.
Some of the markets the company operates in include Chicago, New York, Los Angeles, Seattle, San Francisco Bay Area and Washington DC.
It is among the several startups in the furniture rental space that have raised capital in recent months. For example, in May last year, VCCircle reported that online rental marketplace RentoMojo had raised fresh funding from one of India’s most active angel investors.
The company also touched a valuation of nearly $100 million after raising fresh funding last month from VC investors including Chiratae Ventures, Accel, Bain Capital and French entrepreneur Renaud Laplanche.
Furlenco, which is run by Kieraya Furnishing Solutions Pvt. Ltd, reportedly closed a $10 million (around Rs 76.28 crore) funding round in April this year through an equal mix of equity and debt from firms and angel investors such as Lightbox, Dabur’s Saket Burman, former Infosys CEO Kris Gopalakrishnan and Bollywood actor-producer Aamir Khan.
