AUSTIN, Texas, Feb. 2, 2022 /PRNewswire/ -- Recommerce pioneer and leader FloorFound announced today that the company experienced record growth in 2021 as momentum builds among top brands and retailers for sustainable circular commerce programs. The company, which launched its hosted end-to-end recommerce platform and marketplace for oversized items in February 2021, has tripled its client base and currently serves innovative furniture brands including Floyd, Burrow, Joybird, Mitchell Gold + Bob Williams, Outer, Interior Define, Sabai, EQ3, Modsy, Castlery, Million Dollar Baby, Inside Weather and more. In the last year alone, FloorFound and its clients have eliminated almost 200,000 pounds of waste from landfills.
The past year has also marked a period of unprecedented company growth as FloorFound delivered extraordinary value to retailers and consumers alike. The company achieved 8X growth in ARR revenue and nearly doubled the number of oversized items sold and shipped in each consecutive quarter of 2021. Retailers also achieved significant revenue growth, averaging a 50% gross recovery rate for all resale items managed through FloorFound's recommerce platform and programs.
"Recommerce is one of the biggest opportunities for retailers over the next 5 years as consumers choose sustainability over price and even brand," said Chris Richter, founder and CEO of FloorFound. "Launching and building a successful and profitable oversized item recommerce program is incredibly challenging and requires an entirely different type of network, platform and business processes than traditional retail. By combining all of these into a bundled, quick-to-launch solution, we are enabling retailers to participate in this incredibly fast-growing opportunity."
Ongoing Innovation, Real Results
FloorFound research released in December 2021 reveals that 77% of US consumers plan to purchase returned or lightly-used furniture within the next 24 months . When they do, 89% expect the shopping experience, delivery, and customer support to be on a par with new furniture purchases. In 2021, FloorFound has continuously enhanced every aspect of its end-to-end platform to meet and exceed both sellers' requirements and consumers' expectations, including a destination marketplace, localized reverse logistics, processing and inspection capabilities, merchandising and pricing intelligence, and a fulfillment network of more than 25 warehouse hubs and 4 major 3PL partnerships.
Clients who implement FloorFound are up and running within weeks and see immediate ROI. As a critical part of their sustainability strategy, Floyd launched its Full Cycle recommerce platform through FloorFound on Earth Day 2021, and has already seen 68% average gross recovery. In addition, over 75% of customers on the branded storefront are new to Floyd, and 25% of these customers have already returned and purchased brand-new items from Floyd.
To meet accelerating retail demand, FloorFound tripled employee count in 2021 and made key executive and board appointments, including LiveOak Venture Partners Principal Mike Marcantonio as a Member of the Board of Directors and S'well Founder and Executive Chairwoman Sarah Kauss as a Board Advisor. The company also appointed ecommerce and technology executive Lisa Roberts as Chief Marketing and Product Officer with responsibility for guiding marketing and product strategy to scale results and capitalize on the company's momentum.
"FloorFound combines a massive market opportunity to help retailers launch successful recommerce businesses with the equally exciting chance to drive meaningful change," said Roberts. "The EPA estimates that almost 10 million tons of furniture ends up in landfills each year, and FloorFound changes the game with an end-to-end solution for ensuring quality oversized items end up in homes instead of being discarded."
Additional 2021 highlights for FloorFound include raising $4 million in a seed funding round led by LiveOak Venture Partners, with participation from Next Coast, Flybridge and 8VC, as well as prior investor Schematic Ventures. FloorFound was also recently honored with a Built In Austin "2022 Best Places to Work" award.
FloorFound is focused on saving the planet by extending the lifecycle of oversized retail products. Founded with the mission of empowering a circular future for all retail, FloorFound's end-to-end Recommerce platform and extensive warehouse network simplify the complexities of oversized returns and resale, from coordination of item pickup and inspection to marketing, sales and revenue recovery. Joybird, Floyd, Burrow and Inside Weather rely on FloorFound to power their resale storefronts and drive traffic via the FloorFound marketplace. With FloorFound, large items can find new life and create new joy. For more information, visit https://floorfound.com/.