Detroit-based Furniture Maker Floyd Announced $5.6 Million Fund Release For New Product
Detroit-based furniture producing company Floyd announced a $5.6 million funding raise to expand the company's operations and investment. The company has given a new avenue to once the biggest American Car producing state "Detroit" from past five years.
Floyd is up to transcend the company to another level and is now coming up with cost-effective and more eco-concerned furnishing products for its consumers, and the recent investment should surely go a long way. After Floyd registered for Kickstarter in 2014 and 2015, it has seen a heavy growth in its product sales.
$256k from 1,395 backers while the second received $123k in pledges.Floyd Table is manufactured in cities around the Great Lakes and the company now is again entering the market with new side table based and is set to release the side table decline in first quarter of 2018.
La-Z-Boy, Beringea, 14w, and Endeavor are currently sen ready to invest in the Kickstarter project.Thanks to the platform which finds people with an innovative idea and gives them a chance to make their dream come true. After recent success, the company is all set to move forward to Corktown neighborhood to a 3,500 square-foot headquarters in Eastern Market district.
The company is now moving to Michigan as it has produced a lot of innovative designers and has a very good history in furniture design. As Michigan has had produces some of the best designers like Eames & the Saarinens, to producers like Herman Miller and Steelcase.
Kyle Hoff, Co-founder, and CEO explained that the people and funds who invested in this round believe in their purpose of creating a better furniture experience as:
“It doesn’t matter where you are in the world, the culture of consuming and disposing of furniture is a problem & we’re working to solve it"
Further, the CEO explained his decision to take his furniture company to Michigan as
“For instance, Charles & Ray Eames developed a molded chair that not only has remained relevant for over a half of a century but has also been a product that’s lasted that long,” Hoff told TechCrunch. “You see their products in schools, you see them in Victorian homes, & you see them in modern homes — it’s a design sensibility that considers the lifetime of a product and the changing lifestyles around them. Being in Detroit has put us in the backyard of a century of tacit knowledge around design
& furniture production.”