Furniture Subscription Firm Sees Boost In Home Office Orders
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.
“People are still doing business, deals are still getting done,” said Michael Barlow, co-founder. “But the conversation with investors has changed radically—from ‘Growth at all costs’ to ‘Does this business have a path to profitability?’”
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.
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“If I’m working for Disney out in L.A. … and Disney says, ‘You can have your job, and you don’t need to live around Burbank,’ and I’ve always wanted to live in Chicago—I’m going to live in Chicago for a year or two,” said Barlow. “With a more flexible work environment, I actually think mobility has a potential to uptick.”
The company plans on spending the new funding on expanding its staff, stech stack, as well as marketing initiatives.
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