Announcing Feather’s $30m Series B

Jay Reno
Jay Reno
Feb 19 · 7 min read
Feather at our HQ

We’ve been busy at Feather.

2019 was an incredible year of growth for the business, capped off with the close of our latest fundraise the day after Christmas (proof that Santa is real).

We’ve raised a $30m Series B

Today I’m thrilled to finally share that we’ve raised a $30m Series B, led by Cobalt Capital with participation from all of our existing investors including Spark Capital, Kleiner Perkins, Bain Capital Ventures, Y Combinator, SV Angel, PJC, Fuel Capital and others.

David Bonderman, the founding partner and chairman of TPG Capital also participated through his family office, Wildcat Capital Management.

This round brings our total equity funding to $46M.

Wow.

The Right Investors Matter

Back when we raised our $12m Series A in May, I wrote about why we chose to work with Kevin Thau and the entirety of the Spark Capital team. The reasons are quite simple: experience, excitement and integrity.

Kevin Thau, Spark Capital, good human

When we decided it was time to raise our Series B, we took the same approach — and landed on equally amazing partners in Dan Abrams, Rick Hess, Gautam Shah, Sam Frankel, and the rest of the LA-based Cobalt team.️

Who is Cobalt?

We asked the same question.

Cobalt Capital is a new fund made up of the Evolution Media team who, in partnership with TPG Capital, have invested in notable subscription and digital content companies including: Calm, Tonal, The Athletic and MasterClass. And since Evolution initially spun out of Creative Artist Agency — the world’s most influential talent and sports agency — their deep connections with powerful celebrities and change agents will certainly be of use to Feather as we transform humanity’s relationship with material goods. #experience

Dan Abrams, Cobalt Capital, good human

When you’re building a business that’s changing an entire industry, have witnessed 400% growth in the last year, and have brought on a killer team to execute your vision, you tend to get interest from the storied VC funds. We already have a number of these incredible funds on our cap table, and as it turns out, what truly matters is bringing on investors that immediately get and are enamored by your vision for the company.

When we met Dan, Rick and the Cobalt team, it was clear we shared in the incredible opportunity ahead of us. Hell, Rick called me on Christmas Eve while I (and surely he) was with family to share that he’d been talking about Feather non-stop and that he had three fantastic intros to provide (and believe me, they were fantastic). #excitement

And last but not least, I’ve yet to meet a group of investors that are more hungry and humble than the Cobalt team. They know where they can actually add value and draw a line where they can’t — a trait I’ve seldom come across in meeting with many of the “oracles” of Silicon Valley, all of whom have successfully exited from many multi-billion dollar companies and believe themselves able to add outsized value, even outside of their field of expertise. The Cobalt team are humans that match perfectly with our core values at Feather. #integrity

The Cobalt team

The time for Feather is now

As busy professionals, our lives are constantly evolving — we change jobs, change roommates, change significant others, change neighborhoods, change cities. Evolution is inevitable, and instead of fighting it we believe in creating a world in which people can more openly embrace these changes and “go confidently in the direction of their dreams.”

That often means changing our homes or apartments in pursuit of our dreams. And we’re doing it at record rates. In fact, in cities we move every 1.5 years between college and buying a home.

Zachariah, Pete and their dog Remy in their New York apartment. To them, the only constant is change.

When we move, the layout of our new home is always different than the last, the style of the space has likely changed, our roommate has taken the sofa and coffee table, and we need new furniture to fill our new space. Historically we’ve been offered two solutions:

  1. Buy disposable, “fast furniture”

Buying disposable, “fast furniture” solves our immediate need of filling the space without having to “commit” to our furniture for more than a year or two. It feels and is extremely cheap, but it comes at a serious cost to the environment (read on).

Buying high quality, “forever furniture” is great because the items are built to last and look and feel wonderful. But when we inevitably move in a year or two, what are we going to do with all our furniture?

  • Try moving it between cities? Unlikely.

The reality is: when we move, we need different items to fit our different layouts, the new style of the space, and our new living situation with or without roommates.

Feather addresses this problem in the most fiscally and environmentally responsible way.

Instead of buying disposable or forever furniture, you can rent what you need and later choose to keep anything that truly makes sense to keep — never paying more than the retail price so you’re always making a smart decision. Feather is redefining furniture rental for city living and helping people feel at home no matter how long they plan on staying.

Furniture consumption needs a shake up

Today, as furniture consumers we are extremely wasteful:

  • 7% of all landfill waste is furniture. That’s second only to food.

We buy what we need right now and throw it out when it’s no longer of use. Sounds horribly wrong, right? As it turns out, this is not exactly our fault.

Cheap and disposable furniture has been marketed and sold to us as the quick and easy solution to our moving problems. The largest furniture companies in the world all sell cheap and disposable furniture. So it’s not our fault that we’ve taken the easy way out by buying disposable, “fast furniture” that solves our immediate but temporary needs.

Today we buy disposable, “fast furniture” built for one-time use.
When we’re finished, we try to sell these items, but are often forced to give them away for free or worse…
…they end up in a landfill. 20 billion pounds each year end their lives here.

Feather addresses this problem in the most fiscally and environmentally responsible way.

I’ve been thinking deeply about waste since I got my Masters degree in Climate and Environmental Science from Columbia University back in 2012. And in 2016 I created Feather to address furniture waste in America and help a new generation of renters who’s lives are changing and who are just now being woken up to the problems of cheap and disposable furniture.

As consumers, we aren’t angrily making decisions in an attempt to harm our world. But by nature of being “consumers” — an all-encompassing term marketers use to define humans as beings that consume and discard—we are perpetuating the “buy and dispose” mentality.

Consumers aren’t aware of the appalling statistics on furniture waste listed above. And if they were, action would have been taken sooner. At Feather, we’re committed to helping people become smart and responsible “consumers”.

What’s next?

We’ll continue to focus on achieving our mission: transform humanity’s relationship with material goods for a healthier and happier planet. We’re as mission-driven as ever. And our unwavering focus on this mission has attracted over 60 extremely talented people to join our team.

Over the next year we’ll be doubling our headcount, launching new cities, and tripling down on building our proprietary reverse logistics infrastructure that sets us apart from every other furniture retailer in the world and enables us to work toward achieving our mission.

We’re in the early innings. It takes time to change an entire industry. But we’re committed to our mission, and this latest fundraise is a testament to our progress to date and the incredible opportunities ahead of us.

If you’re looking to join a team changing commerce for the better by keeping furniture in homes and out of landfills, have a look at our open roles and get in touch.

Jay Reno,

Founder & CEO,

Feather

Jay Reno

Written by

Jay Reno

Founder & CEO @Feather (YC S17)

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