Feather, a furniture rental service, has secured $30 million in Series B funding. Cobalt Capital led the round with participation other investors that included Spark Capital, Kleiner Perkins, Bain Capital Ventures, Y Combinator, SV Angel, PJC and Fuel Capital.
PRESS RELEASE
New York, NY – February 19, 2020– Feather, the next-generation furniture rental service, announced today it has closed a $30M Series B funding round led by Cobalt Capital with participation from all existing investors including Spark Capital, Kleiner Perkins, Bain Capital Ventures, Y Combinator, SV Angel, PJC, Fuel Capital and others.
Wildcat Capital Management, LLC also participated. This round brings Feather’s total equity funding to $46M. Feather will use the capital to scale the company’s proprietary reverse logistics infrastructure, expand into new markets, and acquire new talent.
Feather is the first investment for recently launched Cobalt Capital, the former Evolution Media team who, in partnership with TPG Growth, have invested in notable subscription and digital content companies including: Tonal, Calm, The Athletic and MasterClass.
“From early conversations, we knew we had found an exceptional partner in Cobalt,” said Jay Reno, Founder and CEO of Feather. “They support the work we’re doing to keep more furniture in homes and out of landfills because we share a vision for changing the relationship people have with material goods. With the Cobalt team’s proven track record and complementary portfolio companies, we are optimistic about the immediate impact we can make together as strategic partners.”
“Feather is a revolutionary furniture solution changing the way people outfit their homes,” said Dan Abrams, Partner at Cobalt Capital. “We’re thrilled to support Jay and help the team build this next-generation furniture offering by leveraging our experience scaling consumer and digital content companies.”
Since launching in 2017, Feather has experienced significant customer growth and exponential demand for the company’s offerings. In 2019, Feather experienced a 400% increase in year-over-year customer growth, deployed 3.4x more pieces of furniture into homes, and expanded to now serve four major urban markets across the United States.
About Feather
Feather is the next-generation furniture rental service that makes it possible for people to find beautiful furniture quickly, without the upfront cost and commitment of traditional retail. For $19/mo, customers can choose from 150+ pieces of expertly-curated furniture and get free delivery within a week. If life changes, members have the option to swap or return any item, or choose to put all payments toward purchase and buyout their furniture. Launched in 2017, Feather currently serves New York City, San Francisco, Los Angeles and Orange County. For more information, visit livefeather.com.
About Cobalt
Formerly known as Evolution Media, Cobalt Capital is a multi-stage investment firm that partners with exceptional teams building the next generation of consumer, technology, content and lifestyle businesses to help them scale their vision. Cobalt invests in rising technology companies that impact culture and uses its deep domain expertise and relationships to accelerate the growth of its portfolio companies while helping them reshape and disrupt their industries. To learn more about Cobalt, please visit
www.cobalt.la.
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