Source: EconomicTimes | Re-Post Boomerang Ventures 6/25/19
NEW DELHI: Online furniture and consumer appliances rental company CityFurnish has raised $5 million from a clutch of investors in its Series round of equity financing.
The fund raising round, which closed last month, saw participation from Paul Buchheit, founder of Gmail, the world’s largest email service, Steve Chen, the cofounder of video sharing platform YouTube, Global Founders Capital, Venture Highway, Soma Capital, SCM Advisors and Boomerang Ventures.
A number of high net-worth individuals and angel investors, whose names were not disclosed, have also participated in the latest round, according to CityFurnish cofounder Neerav Jain.
This is the first institutional funding undertaken by the company, which had previously raised Rs 3.9 crore in angel funding in 2016-17 from the likes of Jitendra Gupta, managing director of Naspers-owned payments major PayU, among others. “We’re going to focus on the supply side, brand building, and getting into newer categories…We are also going to be further investing in operations and technology, while also spending some of the proceeds on product development,” Jain told ET.