SAN FRANCISCO, Sept. 10, 2020 /PRNewswire-PRWeb/ -- Chairish, the beloved marketplace for chic and unique home furnishings, today announces a Series B funding round of $33 million led by Austin-based investment firm Tritium Partners. Additional participation in this round includes previous investors Altos Ventures Ltd, Azure Capital, O'Reilly AlphaTech Ventures and the founding team. Chairish will use the investment to scale its significant growth and further lead the premium home furnishings market as it migrates to online distribution.
The online home furnishings category has grown dramatically over the past several years, and COVID has accelerated consumer adoption of online shopping, fueled by powerful macro trends. As they spend more time at home, Americans are finding their spaces more important than ever and are upgrading them to suit new functions, like home offices and outdoor entertaining. A decrease in spending on travel, dining, events and fashion has also freed up discretionary dollars for home-related purchases. Finally, Americans are on the move as they seek additional space and outdoor access, creating a surge in furnishings purchases for new homes. With physical retail curtailed, the online channel is the primary beneficiary of these trends, due to e-commerce's safety, accessibility and vast selection.
Founded in 2013, Chairish is the leading online destination for the high-end home, offering an expertly curated assortment of vintage and antique pieces alongside best-in-class items from coveted designer brands, original artists and exclusive makers. Through its comprehensive marketplace, each month Chairish connects 3.8 million affluent shoppers to over 10,000 sellers offering over 500,000 items. Repeatedly achieving a world class 80+ NPS score, Chairish's full service, easy to shop site has earned a dedicated following of fans, particularly amongst interior designers.
"The home is playing a dramatically larger role in our lives and Chairish's growth metrics reflect this growing importance. Over the past year, Chairish's gross revenue has more than doubled. The Tritium investment helps us take advantage of this unique market opportunity and build upon our record growth by further empowering high-end sellers and design lovers to connect online," said Gregg Brockway, CEO and Co-Founder of Chairish.
With this new funding, Chairish will grow its team, expand specialized services for sellers and buyers, particularly interior designers, and explore more strategic acquisitions, based on the success of its 2019 acquisition of online trade marketplace Dering Hall.
"Chairish is led by an impressive executive team, composed of pioneers from the online travel industry and celebrated leaders from fashion and design. Chairish has achieved significant growth and traction and we believe that the Chairish marketplace is poised to lead the continued growth in the premium home furnishings category as consumers continue to shift their spend online," said David Lack, Managing Partner at Tritium Partners.
About Chairish
Founded in 2013, Chairish is the leading online shopping destination for luxury home furnishings. Chairish delights millions of monthly shoppers with its expert curation of exclusive and diverse inventory, spirited attitude, refreshing shopping experience and award-winning customer care. Its leadership team is composed of veteran technology entrepreneurs who created some of the biggest global travel brands, alongside well-known fashion and design industry executives. Chairish has raised funding from investors such as Tritium Partners, Altos Ventures Ltd, Azure Capital and O'Reilly AlphaTech Ventures. Architectural Digest named Chairish the #1 "can't live without decorating app" that "will change the way you shop for furniture online." Entrepreneur lists Chairish as one of the "best entrepreneurial companies in America'' and IAB recently named Chairish a "Brand to Watch in 2020."
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. Tritium's founder team, which came together from strategic consulting and boutique banking backgrounds, has exclusively focused on growth investing in their careers. With > $900 million of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth initiatives, while maintaining capital efficiency. Tritium's approach emphasizes creating long-term value through strategic growth initiatives and acquisitions, with a focus on FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services.
SOURCE Chairish
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