Beringea U.S. invests in Detroit-based Floyd’s $5.6 million Series A round
January 18th 2018
Initially launched in 2014 via Kickstarter, online furniture company Floyd, designs and manufactures high quality pieces at an attainable price point
(Farmington Hills, MI) Beringea, a private equity firm providing growth capital to high growth, high potential businesses, has made a new investment in Floyd, Inc., an online furniture company that designs and manufactures high-quality pieces at an attainable price point. The capital, part of a $5.6 million Series A funding round, will help the company expand its existing product line, scale its marketing, and grow its team.
Since initially launching in 2014 via Kickstarter, Detroit-based Floyd has been committed to creating the perfect collection of home essentials, making the best version of a single product. After launching The Floyd Platform Bed two years ago, the company most recently introduced The Floyd Table, an easy-to-assemble and beautifully designed multipurpose table.
Kyle Hoff, co-founder 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. The funds and partners from this round of financing position Floyd to lead as a next-generation furniture company that puts customer experience, lasting products, and great design first.”
Charlie Rothstein, senior managing director and co-founder of Beringea, said: “Floyd is transforming the furniture market in a way that appeals to today’s younger, more mobile buyers. The fact that this innovative company launched in and is expanding its team in Detroit shows that the Midwest is a place where entrepreneurs can turn good ideas into great companies, fueled by a low cost of capital and high standard of living.”