San Francisco, CA, 19th June 2020: Furniture rental company CasaOne has received USD 50 million (around Rs 375 crore) of debt financing from financial services company Credit Suisse.
The funding will be used to support the overall growth of the business affording expansions into additional product categories within furniture, fixtures, and equipment, the company said in a statement.
“In light of COVID-19, we are seeing a further acceleration in demand for on-demand, flexible furniture rental and leasing options in addition to remote work or work from home solutions. This funding will help us expand into newer equipment categories to support businesses emerging out of the current crisis,” company’s chief executive Shashank Shankaranarayana said.
Last year, the company raised $16 million in Series B funding led by Accel along with Quiet Capital, HNI Corporate, and WeWork, as well as from existing investors JLL Spark, Freestyle Capital, NextWorld, and Array Ventures.
The Bengaluru and San Francisco based company also offer a commercial furniture rental solution ureauOne.
“The flexibility and convenience of CasaOne and BureauOne’s product offerings are resonating with the market: especially when more and more US workers are working from home while enterprises are looking at greater flexibility in their office solutions,” he added.
The company has operations across 10 markets globally including San Francisco, Greater Los Angeles, San Diego, greater New York, New Jersey, Philadelphia, Connecticut, Washington DC, and Chicago.