San Francisco and Bengaluru-based furniture rental startup CasaOne has raised $16 Mn in its Series-B funding round led by Accel along with Quiet Capital, HNI Corporation and Softbank-backed WeWork.
Besides these new investors, existing investors such as JLL Spark, Freestyle Capital, NextWorld, and Array Ventures also participated in the round, taking the total funds raised by CasaOne standing at $27.5 Mn.
With the recently raised funds, the company plans to expand its business in newer geographies, hiring technology talent in India, and expand into related product categories. Additionally, the company is planning to launch in its operations in London by first-quarter of 2020.
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Founded in 2017 by Madhusudan Kagwad and Shashank PS, CasaOne has deployed its core technology, design, product, and engineering team of around 70 employees in Bengaluru. The furniture rental company operates under two brand names CasaOne and BureauOne. For both its brands, the company offers flexible monthly plans and easy upgrades along with rent-to-own options.
While CasaOne focuses on home furniture rentals, BureauOne, launched earlier this year, brings flexibility, speed and convenience to office landlords and tenants in commercial real estate. As of now, both these brands operate in six US markets — Chicago, New York, Los Angeles, Seattle, the San Francisco Bay Area, and Washington DC.
CasaOne, which has a B2B primary approach, claims to focus on bringing efficiency in the furniture market by using technology, logistics, and credit facilities to cater to a very fragmented and offline business. “At CasaOne and BureauOne, we are building technology for real-time inventory, supply chain, and large format logistics for the old school furniture and logistics industries,” said Shashank.
Currently, the company offers furniture related services such as furniture rental, furnishings décor and equipment for home and office, 3D visualisations and space-planning expertise. Speaking about the investments in CasaOne, Subrata Mitra, partner at Accel, said that with the fastest turnaround in the market, BureauOne is building a customer-focused business.