Fernish, Leading Furniture Rental Service, Secures $15 Million Series A

Fernish, a high end furniture rental service, said it raised a $15 million Series A this month.

• Khosla Ventures, backers of Square and DoorDash, led the round.
• Funding will go toward entering new markets and expanding returns technology.

Fernish CEO Michael Barlow tells Retail Brew that rental’s convenience factor made Fernish attractive to investors. I’ll add that Fernish is situated at the corner of two coronavirus economy trends:

1. Home decor. The same nesting impulse driving sales for Wayfair strengthened Fernish’s case for growth. A Fernish rep says orders for its home office furniture grew 300% from the start of the pandemic to the present. Demand for throw pillows and other couch accoutrements jumped 75% in the same period.
2. Recommerce. During an economic downturn, Fernish’s Restoration Hardware quality for Ikea prices is appealing. The same value prop allowed Vestiaire Collective and Rebag, used luxury fashion hubs, to secure new funding this spring.

My takeaway: The coronavirus has dealt the sharing economy a mixed bag. But life at home favors Fernish, which offers furniture intended for longer-term rentals, over short-term services like Rent the Runway.