Furniture firm CasaOne raises Rs 114 cr in series B funding led by Accel

CasaOne, a furniture rental company, on Friday said it has raised $16 million (about Rs 114 crore) in funding led by Accel.

The series B round also saw participation from existing investors JLL Spark, Freestyle Capital, NextWorld Capital and Array Ventures, a statement said.

New investors include Quiet Capital, HNI and WeWork and a few prominent angel investors including Lydia Jett from Softbank's Vision Fund, it added.

"This round of financing will help CasaOne expand to new geographies, further invest in hiring technology and engineering talent and expand into adjacent product categories," it said.

CasaOne launched its furniture rental solution in 2017. With increased demand from businesses, BureauOne was launched in May 2019 to cater to fast-growing companies, mid-market firms and enterprises to convert their FF&E (furniture, fixtures and equipment) into a utility.

CasaOne operates out of six markets - Chicago, New York, Los Angeles, Seattle, the San Francisco Bay Area and Washington, D.C.

"At CasaOne and BureauOne, we are building technology for real-time inventory, supply chain and large format logistics for the old school furniture and logistics industries," Shashank P S, founder and CEO of CasaOne, said.

With the new raise, the company plans to further double down on engineering and market expansion, he added.