Detroit-based Floyd has announced a $5.6 million Series A funding round that will let the company expand its operations and release new products. The company has been in Detroit for the last five years and they’re dedicated to creating better furniture and a better experience around furniture. This injection of cash should go a long way in helping that mission.
Floyd launched its first Kickstarter campaign in 2014 and another in 2015. The first project, a novel but straightforward table leg, racked up $256k from 1,395 backers while the second received $123k in pledges. The company currently sells both products along with the Floyd Table all of which are manufactured in cities around the Great Lakes. A new side table based on the Floyd Table is on tap for 2018 release thanks to the recent round of funding.
The $5.6m Series A involved investment from Michigan-based La-Z-Boy, Beringea, 14w, and Endeavor.
The company is in the final stages of moving from Detroit’s Corktown neighborhood to a 3,500 square-foot headquarters in the Eastern Market district. The new space will give the company room to accommodate additional staff.
Kyle Hoff, Co-founder and CEO, tells TechCrunch raising funds in Michigan is less about where the company is located and more to the mission. He explained that the people and funds who invested in this round believe in their purpose of creating a better furniture experience.
“It doesn’t matter where you are in the world, the culture of consuming and disposing of furniture is a problem & we’re working to solve it,” Hoff said.
It probably helps Michigan has a deep history in furniture design. Hoff explained that Michigan has been a hotbed for innovative products & designers like Eames & the Saarinens, to producers like Herman Miller and Steelcase.
“For instance, Charles & Ray Eames developed a molded chair that not only has remained relevant for over a half of a century but has also been a product that’s lasted that long,” Hoff told TechCrunch. “You see their products in schools, you see them in Victorian homes, & you see them in modern homes — it’s a design sensibility that considers the lifetime of a product and the changing lifestyles around them. Being in Detroit has put us in the backyard of a century of tacit knowledge around design & furniture production.”