Floyd, a US-based boutique furniture producer backed by home furniture producer La-Z-Boy, has secured $5.6m in series A funding from investors including private equity firm Beringea.
Founded in 2014, Floyd designs furniture with a minimalist aesthetic which is then produced at US-based factories using high-quality materials. The items combine wood and steel are intended to be easy to assemble, and the company’s first products are a bed frame and a table.
The cash will help Floyd expand its team and marketing efforts as it looks to introduce additional products.
La-Z-Boy’s corporate venturing arm, LZB Investments, led Floyd’s $880,000 seed round in 2016, with participation from angel investor Joe Gebbia, after the company had raised almost $260,000 in a crowdfunding campaign on Kickstarter.
Kyle Hoff, co-founder and chief executive of Floyd, said: “Traditional segments of retail are being disrupted by e-commerce companies, and we see this as an era in which the next leading brands will be born.”
– Image courtesy of Floyd