Kaiyo, a second-hand home furnishing e-commerce company, received $36 million in financing! The development prospects are promising!

According to foreign media reports, Kaiyo, a second-hand home furnishing e-commerce company, recently announced that it had received a $36 million Series B financing led by Edison Partners. So far, Kaiyo has raised nearly $50 million in funds.

It is reported that the proceeds from this round of financing will be used to accelerate Kaiyo's expansion into the northeastern United States, namely New York, Philadelphia and Washington; it will also be used to strengthen Kaiyo's logistics and transportation network, expanding its delivery services to Los Angeles and San Francisco; at the same time, part of the funds will be used to expand the team and marketing activities.

Kaiyo was founded in 2014 and has achieved sustained growth of more than 100% per month in the past two years. Kaiyo is committed to providing customers with fast and convenient buying and selling, and is willing to accept high-quality, second-hand furniture from well-known brands. The platform has also recently launched an "instant quote" feature that enables sellers to receive payment immediately after buyers receive the goods.

Kaiyo CEO Alpay Koralturk said that in the past few years, Kaiyo has achieved unprecedented growth and is favored by many American consumers. In the future, Kaiyo will inspire more people to buy second-hand furniture. This round of financing will enable Kaiyo to enter the next chapter and continue to expand in the North American market.

According to industry forecasts, the online home resale market will grow by 54% by 2025, 3.5 times faster than traditional retail. In addition, sales of second-hand furniture are expected to reach $16.6 billion in the next five years, a 70% increase from 2018.

According to reports, the share of furniture and home furnishings categories in the US e-commerce market is growing, and consumers' demand for second-hand furniture and supplies is also growing. According to Kaiyo, furniture is now one of the largest waste categories in the United States, causing more than 12 million tons of waste each year. Since its establishment, Kaiyo has helped reduce nearly 3 million pounds of garbage.

Daniel Herscovici, a spokesman for Edison Partners, said Kaiyo is subverting the furniture e-commerce industry by solving the pain points of sellers and customers and launching creative shopping experiences, changing the fate of second-hand furniture and creating a sustainable furniture purchasing market.

Editor ✎ Nicole/

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