Credit Suisse provides $30m debt financing to Feather

Feather, a furniture rental brand, has secured $30 million in debt financing from Credit Suisse. The capital infusion will be used for growth and expansion.

PRESS RELEASE

New York, NY – August 3, 2020 – Feather, the company that’s redefining furniture rental, announced today it has secured $30M in debt financing from Credit Suisse, one of the world’s leading financial services providers, that will be used to fund company growth and expansion.

To date, Feather has raised $76M in equity and debt financing from world-class investors such as Spark Capital, Cobalt Capital, Kleiner Perkins, Bain Capital Ventures, Y Combinator, SV Angel, PJC, Peak State Ventures, TriplePoint Capital, and others.

The new funds will allow Feather to focus on expanding into new markets, sustainability initiatives, new private label product line, talent acquisition and continuing to build out their reverse logistics technologies, preparing them for significant scalability.

“Our financing with Credit Suisse complements our recent $30 million equity raise and further strengthens our position as the industry leader,” said Jay Reno, Founder and CEO of Feather. “More so than ever, the current climate has changed the relationship that people have with their homes. Feather remains well-suited to provide the flexibility, quality and comfort our customers have been looking for.”

Ilyse Kaplan, Vice President of Finance for Feather added, “We look forward to working together with Credit Suisse as we navigate the next chapter of Feather’s business.”
This latest fundraise comes on the heels of a significant rebranding campaign for Feather, as well as the launch of 200+ new products designed and manufactured exclusively for Feather customers with sustainability as the cornerstone. Since March, the company has seen a 400% increase in demand for work-from-home merchandise.

About Feather
Launched in 2017, Feather is the next-generation furniture and home decor rental service that makes it possible for people to find beautiful furniture quickly, without the upfront cost and commitment of traditional retail. Starting at $19/mo, customers can choose from 350+ pieces of expertly-curated furniture and home decor and get free delivery and assembly within a week. If life changes, members have the option to swap or return any item, or choose to put their payments toward the purchase of their furniture. Feather is passionate about keeping furniture in homes and out of landfills, and is proud to continually offset the carbon emissions of its domestic operations. Feather currently serves New York City, San Francisco, Los Angeles and Orange County. For more information, visit livefeather.com