NEW YORK — Kaiyo, a full-service marketplace for gently-used furniture, has raised $5 million in funding led by Moderne Ventures, with full participation from Lerer Hippeau and Max Ventures. The new capital will help Kaiyo expand beginning in Washington D.C., and throughout the Northeast.
Kaiyo currently provides white-glove delivery to the New York metropolitan area which includes New York, New Jersey and Connecticut, as well as the Philadelphia metropolitan area.
The company makes buying and selling furniture simple and sustainable by providing deep discounts on top brands to its buyers and by handling the moving, pickup, photography, cleaning, and delivery for its sellers.
Kaiyo provides an easy-to-use platform to make buying and selling gently-used furniture seamless. With sustainability at its core, Kaiyo has kept over two million pounds of furniture out of landfills since inception and plants a tree for every order completed on its site. As delays in furniture deliveries continue due to the pandemic, Kaiyo offers an opportunity to shop and receive pieces from trusted brands in as fast as two days, creating a more accessible and customer-centric experience.
“Since our founding, Kaiyo has sat at the intersection of convenience, sustainability, and design, revolutionizing the way consumers furnish their homes. Kaiyo has given shoppers the opportunity to spend less while accessing great furniture in a way that reduces their environmental impact,” said Alpay Koralturk, Kaiyo’s founder. “We are pleased to announce our partnership with Moderne Ventures as it will allow Kaiyo to continue our tremendous growth trajectory. Their experience working alongside the most innovative companies in real estate and home services will allow us to unlock new strategic partnerships and drive our mission to provide customers with a straightforward and sustainable experience when buying and selling well-made furniture.” Over the past two years, the brand has seen three times consistent growth every month year over year.
This year, Kaiyo was approached by Moderne Ventures Partner, Liza Benson, after she utilized Kaiyo’s platform and was impressed with its convenience and service. Although the company was not looking to fundraise, this serendipitous encounter led to an impromptu yet strategic investment that will fuel the growth of Kaiyo over the coming years. Kaiyo was also selected as a member of the 2021 Moderne Ventures Passport Program, an intensive, six-month industry immersion program providing participants education, exposure, and relationships to drive customer growth.
“Kaiyo is addressing a huge pain point for consumers by taking the hassle out of buying and selling used furniture in a secure way, enabling consumers to reduce waste and save money. At Moderne, we are opening up our B2B channels for Kaiyo in the multi-family, residential and commercial markets,” said Liza Benson, Partner at Moderne Ventures. “Our platform is built around connecting our investors to our companies, creating outsized returns. We are proud to be an investor in Kaiyo and to support their continued acceleration by extending their service to our partners as a 2021 Passport Company.”