Today is a big day for us. We announced a $14M CAD ($10.5M USD) seed round of funding, led by Inovia. We are incredibly proud of this achievement and grateful to be well positioned at a time when the furniture and home industry is desperate for a solution built by furniture, for furniture.
The round was led by Inovia Capital, with participation from Spider Capital, Watchfire Ventures, Garage Capital, WIN, Operator Ventures, and FJ Labs. Several angel investors also joined, including Burrow CEO Stephen Kuhl, Lightspeed President JD St-Martin and executives with experience at Stripe, Shopify, Airbnb, PayPal, WhatsApp, Dwelling, Humi, #paid, and Uber.
Most of the world’s US$800 billion furniture and home industry still operates offline, held back by bulky products, complex supply chains, and manual workflows. We believe that a modern furniture first platform will be critical for all manufacturers in the months and years ahead.
Historically, manufacturers have been cut out of a significant portion of the value chain while retailers enjoy the biggest upside. We’re now helping them compete and future-proof their business.
With this investment, we’ll continue to develop our platform, add new categories, and expand integrations with more places for furniture makers to sell. This fundraising also follows becoming a Wayfair Marketplace Partner, cementing us as a trusted solution for the more than 20,000 suppliers on Wayfair today.
CommerceBear is building the platform of record for furniture makers, first helping them move their products online, then partnering to scale and manage their end-to-end ecommerce. Born on the factory floor by a 4th generation industry veteran, the CommerceBear platform is designed specifically for furniture.
Inovia Capital is a venture capital firm that partners with founders to build impactful and enduring global companies. The team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over US$2.2B with operations in Montreal, Toronto, Calgary, San Francisco, and London. For more information, visit inovia.vc
