Floyd

Sustainable Furniture Brand Floyd Raises $15 Million in Series B Funding

Based in Detroit, Floyd is a sustainable furniture startup founded by Alex O’Dell and Kyle Hoff. On Wednesday, April 21, 2021, the company announced it raised a $15 million Series B funding round. The round was led by Walden Ventures with participation from Beringea, La-Z-Boy, 14w and JPMorgan Chase. This brings Floyd’s total funding to $25 million.


StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

The company has come a long way since its 2014 Kickstarter campaign. The goal was to raise $18,000, but within 30 days, Floyd had raised $256,000 from 1,4000 customers around the world. Now, the direct-to-consumer e-commerce startup has grown its product offering, headcount, revenue and HQ in Detroit.



Set out to disrupt the $64 billion U.S. furniture market, Floyd builds beautiful furniture that is meant to last.

“We want to create products that last,” O’Dell told Forbes. “It’s all about keeping things that exist in the world.”

O’Dell and Hoff were inspired to start their business out of their shared desire to reduce furniture waste. Thus, Floyd’s first product was born: the Floyd Leg, a clamp that can turn almost any flat surface into a table. This is the ethos behind the brand’s design principles — solving problems, reducing waste and being thoughtful about the home.

“We are trying to build a company as big as Crate & Barrel if not bigger,” Hoff told Forbes. “There’s plenty of opportunity to build a huge business without selling people product that lasts one year.”


Sign Up: Receive the StartupNation newsletter!

Last year, Floyd grew revenue 115% and doubled its headcount to 60 people. The company is continuing to grow and hire. Among other roles, Floyd is looking for a Director of Growth and a Head of People.

Floyd is consistently named one of the best places to work.


Explore the Community: Purpose Jobs is the Midwest’s largest startup and tech community. Discover startups, stay up to date on Midwest tech news, and learn about jobs at hiring companies. 

Total
8
Shares
Previous Article
StartupNation Radio

These Exemplary Shark Tank Entrepreneurs Share Their Success Stories on StartupNation Radio

Next Article
Dell's Small Business Month

Dell is Celebrating You This Small Business Month with Exclusive Member Savings

Related Posts
bankable
Read More

How To Make Your Startup Bankable

You’ve probably heard it countless times: “If you fail to plan, you plan to fail.” While it’s always a great idea to think about your long-term personal goals, this adage is even more applicable if you’re venturing into entrepreneurship. Smart planning can go a long way in making your startup bankable. The U.S. Bureau of...
wjr business beat
Read More

WJR Business Beat: Shopify Jump-Starts Starting A Business (Episode 328)

On today's Business Beat, Jeff talks about Shopify, a one-stop shop of resources for people who want to start a business. Tune in to the Business Beat, below, to learn how this subscription-based software can help you set up an online store and sell your products.   Tune in to News/Talk 760 AM WJR weekday...
top Detroit startups
Read More

Top Detroit Startups and Tech Companies to Watch in 2022

Michigan is now the state with the highest growth in VC investment. Now many Detroit startups are on the fast track to growth. Whether it’s new funding, expansions or IPOs, it’s been an eventful year in Detroit startups. Next year is looking even better. Here are the top Detroit startups and tech companies to watch in...
startup success
Read More

How to Achieve Startup Success from Day 1

The decision to take the leap into starting your own business is never an easy one, regardless of your experience or industry. But as venture capital (VC) firms grow, with the average seed deal growing from $1.7 million to $4.6 million in the last decade, more and more people are breaking into the startup ecosystem....