CE Ventures, the corporate venturing arm of diversified conglomerate Crescent Enterprises, has led a $17.5m funding round for India-based home furniture rental service Furlenco, Mubasher has reported.
The round also featured Innovative Quest, the holding company for office furniture supplier Featherlite, as well as venture capital firm Lightbox.
Founded in 2012 and also known as Kieraya Furnishing Solutions, Furlenco provides a range of furniture items, décor and home appliances through a monthly subscription scheme, helping customers decorate their property without committing large sums up front.
The funding will help the company grow its business and support an imminent expansion into the Middle East. It raised Rs 90m ($1.3m) in debenture financing in July and August this year from investors including asset manager Chowdry Associates and medical gas supplier United Oxygen Company, according to documents seen by Inc42.
Crescent Enterprises had reportedly backed a $17.3m series C round for Furlenco that closed in March 2019 along with Lightbox, Innovative Quest and assorted private investors.
Lightbox Ventures and Axis Capital co-led the company’s $15m series B round, which was closed in 2016 alongside $15m in debt financing from various financial services firms, family offices and individuals. It came after $6m in series A funding from Lightbox the year before.