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Furniture maker Floyd raises $5.6m to expand product line, move into new Detroit HQ

Furniture maker Floyd raises $5.6m to expand product line, move into new Detroit HQ
From TechCrunch - January 26, 2018

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 theyre 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 fromMichigan-based La-Z-Boy, Beringea, 14w, and Endeavor.

The company is in the final stages of moving from Detroits Corktown neighborhood to a 3,500 square-foot headquarters in the Eastern Market district. The new space will give the company room to accommodateadditional staff.

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