FloorFound Secures $10.5M Series A to Accelerate Growth and Solidify Leadership Position in Oversized Retail
FloorFound currently serves innovative furniture brands including Inside Weather, Floyd, Burrow, Joybird, Mitchell Gold + Bob WilliamsLiving Spaces, Exterior, Interior Set, Sabai, Neighbor, Modsy, Castlery, Million Dollar Baby, Kathy Kuo and more. Together with its customers, FloorFound has helped keep nearly 450,000 pounds of furniture out of circulation and out of landfills to date.
“Consumer demand for sustainability, coupled with a tight supply chain and rising inflation, has pushed recommerce and resale to the forefront of retail,” said Chris Richer, founder and CEO of FloorFound. “FloorFound’s solution eliminates the complexities that have made reselling prohibitively expensive for oversized items and enables brands to quickly launch robust, large-scale recommerce programs that meet and exceed consumer expectations. With this new round of funding, we’re bringing this sustainable model to more brands and shoppers around the world, driving business forward while helping to protect the planet.”
“FloorFound sits at the perfect intersection of the two most transformative trends in retail: sustainability and supply chain resilience,” said Tom Ball, Founder and Managing Partner, Next Coast Ventures, who joined FloorFound’s Board of Directors with this round. “Chris and his team have spent the past 25 years in e-commerce and retail operations, particularly supply chain, and they have the unique knowledge needed to create the right business model and value to integrate oversized recommerce.”
Recommerce: Sustainable, Affordable, Available
Recommerce offers a sustainable alternative to making and shipping new items, with lower cost items and faster availability to buyers. More … than 90% of US consumers said they buy resale items in a 2021 FloorFound survey, and research from First Insights and the Wharton School indicates 83% of consumers of all generations who have purchased second hand products will continue to do so, compared to only 17% in 2019. This broad consumer support has led to projections that U.S. Resales Expected to Grow Over 150% to Peak $330 billion by 2030according to Mercari and GlobalData.
However, without reverse logistics processes to manage the return and resale of bulky items, resale programs have historically been out of reach and unavailable for oversized products, until now.
With FloorFound’s end-to-end recommerce solution, retailers are able to turn returned merchandise and opened boxes into a new, repeatable and sustainable source of inventory and revenue. FloorFound’s technology and team manage the process from pickup of the returned item, through inspection and storage of the item, to sale and delivery to its new owner. Retailers using FloorFound are not only able to support circularity goals and reduce waste (the EPA estimates that 10 million tons of furniture ends up in landfill each year) – but also provide consumers with attractive items from high quality that are shipped quickly and at a discount.
Real results with recommerce
FloorFound has designed every aspect of its end-to-end platform to meet and exceed both seller requirements and consumer expectations. The solution includes a destination marketplace (FloorFound.store), localized reverse logistics, processing and inspection capabilities, merchandising and pricing information. FloorFound’s solution also includes a strong fulfillment network of over 40 warehouse hubs, which is expected to triple in 2022, and 4 major 3PL partnerships.
Retailers using FloorFound are up and running in weeks and get immediate ROI by powering shopping, delivery, and customer support experiences that equal or exceed new furniture purchases. Explain Benjamin ParsaCEO of Inside Weather, “Through FloorFound, Inside Weather is able to encourage the reuse of the products we make by connecting our timeless, high-quality pieces with new owners.”
FloorFound client Floyd has seen an average gross recovery of 68% of returned items included in their full-cycle recommerce program. More than 75% of brand storefront customers are new to Floyd, and 25% of those customers have already returned and purchased new items from Floyd.
FloorFound is focused on protecting the planet by extending the life cycle of oversized retail products. Founded with a mission to bring a circular future to all retailers, FloorFound’s end-to-end recommerce platform and extensive warehouse network simplifies the complexities of oversized returns and resale, coordinating pickup and item inspection to marketing, sales and revenue collection. Joybird, Home Floyd, Burrow and Inside Weather rely on FloorFound to power their resale storefronts and drive traffic through the FloorFound Marketplace. With FloorFound, large objects can find new life and create new joy. For more information, visit https://floorfound.com/.