Subscription furniture company Fernish has closed on a $15 million funding round in the midst of the current economic crisis, bringing the company to a total of $45 million raised.
โPeople are still doing business, deals are still getting done,โ said Michael Barlow, co-founder. โBut the conversation with investors has changed radicallyโfrom โGrowth at all costsโ to โDoes this business have a path to profitability?โโ
Despite slowing growth plans due to the current pandemic, Barlow remains optimistic as the company has seen a 300% increase in home office orders since mid-March due to people staying at home. He added that the trajectory of offices will never be the same with corporations adopting more flexible and remote work arrangements.
โIf Iโm working for Disney out in L.A. โฆ and Disney says, โYou can have your job, and you donโt need to live around Burbank,โ and Iโve always wanted to live in ChicagoโIโm going to live in Chicago for a year or two,โ said Barlow. โWith a more flexible work environment, I actually think mobility has a potential to uptick.โ
The company plans on spending the new funding on expanding its staff, stech stack, as well as marketing initiatives.
