Montreal-based modular furniture startup Cozey has collected C$2 million in financing. The private investors in the round were not disclosed. The funds raised will allow Cozey to expand its team and build out its infrastructure to support growth.
MONTREAL, June 29, 2021 /CNW/ – Cozey, the Montreal-based furniture start-up, announced today that it has raised $2M from private investors to expand its team and build out its infrastructure to support its strong growth. Cozey has managed to thrive amidst a global pandemic, growing by 1200% in its first year of operations that began in early June 2020. With simplicity, personalization, value, and care as its 4 pillars, the capital raise will also allow the e-commerce company to develop and release new products to become a complete home furniture retailer with the same modular and customer-focused approach currently seen in its first sofa-in-a-box.
In charge of the capital raise was Cozey’s new Chief Financial & Operating Officer, Dominic Létourneau, who has over 20 years of experience working in the financial industry and was most recently Operating Partner at the CDPQ before joining Cozey. With his experience and expertise in capital markets, Dominic connected back with his strong network to give Cozey the financial resources to see its vision come to life. The quality, innovation, and community revolving around Cozey and the team’s vision have made the company one of Canada’s fastest growing direct-to-consumer companies in the last decade.
How Cozey Started
In the Winter of 2019, Frédéric Aubé, then a 23-year-old student at McGill University, decided he had had enough of helping friends move their enormous sofas up and down tight stairways in small Montreal apartments. He could not wrap his mind around this common problem that many Canadians face each year and realized there was room for creating an alternative to bulky and expensive couches. Why not offer something better and simpler, at the same time?
After 18 months of product development, Fred found a convenient and innovative solution: a sofa that would come in multiple boxes to fit through any door. Not only this, but it would only be available online, the assembly would be tool-free, and the product would be elegantly designed with high quality materials at an attractive price. Quickly revolutionizing the country’s furniture industry, Cozey sets the tone for comfort, simplicity, and convenience, with customer happiness at the core of the company.
1. Customer Service
Delivering happiness is at the core of Cozey’s reason to be. The young and dynamic team’s solution-mode approach and YES mentality have proven to be a large part of positive customer reviews and the company’s success so far.
2. Quick & Free Shipping
Providing a 7-star customer experience comes with exceeding expectations. Whereas a traditional sofa takes weeks to arrive and costs hundreds of dollars to ship, Cozey takes the convenient route. With innovative packaging, the sofa ships through regular courier service for free and arrives at your doorstep within 2-5 business days. If the sofa is not for you, Cozey takes back the sofa risk-free for a full refund in the first 30 days.
Personalization is what Cozey strives for; and it’s only the beginning. Currently, there are 480 different ways to configure the Cozey sofa. The modular approach makes it easy for consumers to add modules (seats, corners, chaise) to their original sofa over the years, depending on their lifestyles and tastes.
4. Ease of Assembly & Disassembly
Fred, not being very manual (read: not at all), the assembly had to be easy and tool-free. While keeping the customer first to mind, he thought the disassembly should be as simple as the assembly. Allowing Canadians to add modules to their sofa over the years and carry it from home to home, no matter the apartment floor, was necessary for Cozey
5. Quality Matters
Cozey also finds it important to offer customers the absolute best value at the best price. Every module is thoughtfully created and made with the highest quality materials. High-density foam, kiln-dried larch frames, exceptionally durable fabric: these are all materials used by top brands. Where Cozey differentiates itself is with its direct-to-consumer business model, by eliminating the middleman. Saving on shipping and warehousing expenses, Cozey offers the top materials at the best price.
In his mission to simplify Canadians’ lives, Fred also found it essential to help people who need comfort the most. Care and proximity with the community are values that motivated Cozey’s founder and CEO to push for inclusion and offer parcels of comfort through the Comfort Box initiative. “If we want to offer comfort to every Canadian, we have to start with the ones that need it most.” Partnering with Mission Old Brewery in Montreal, a Cozey Comfort Box containing hygiene products and warm clothing is donated to a person in need for every sofa sold.