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.
“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.