The startup will use the funding to support the overall business growth as well as to expand into additional product categories within furniture, fixtures, and equipment, the company said in a statement.
San Francisco- and Bengaluru-based CasaOne has raised $16 million in a Series B round of financing led by Accel in November last year. The round had also seen participation from return investors JLL Spark, Freestyle Capital, NextWorld Capital, and Array Ventures, and new investors including Quiet Capital, and WeWork.
“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/work from home solutions. It will also help us expand into newer equipment categories to support businesses emerging out of the current crisis,” said Shashank Shankaranarayana, CEO of CasaOne and BureauOne.
CasaOne and its B2B offering, BureauOne, provide full-service rental solutions across six markets currently, including Chicago, New York, Los Angeles, Seattle, the San Francisco Bay Area, and Washington, D.C.
Other players operating in the online furniture rental space include, RentoMojo, Furlenco, Pepperfry, GrabOnRent and CityFurnish.
Last month, Rentomojo, operated by Edunetwork Pvt. Ltd, had reportedly raised about $3.3 million (Rs 24.5 crore) from its existing backers, including Accel, Chiratae Ventures, Bain Capital, and French entrepreneur Renaud Laplanche. Separately, Furlenco had secured around Rs 9 crore (around $1.26 million) in two tranches of debt-funding between July and August last year to expand its operations.