Branch News

Announcing Our $10M Series A

Our latest investment to help accelerate new product development, supply chain optimization, omni-channel distribution, and digital product experiences.

A message from our co-founders.

Today, we’re thrilled to announce our $10M Series A funding round, led by Springdale Ventures with participation from a fantastic group of DTC and proptech investors including Maywic Select Investments, Group RMC, Agya Ventures, and operators like Ricky Joshi (Saatva Mattress), Ryan Simonetti (Convene) and Jiake Liu (Outer).

This investment builds on an exceptional year for Branch—we quadrupled revenue and reached more than 50,000 customers in 2021, all while maintaining an industry-leading NPS score and exceptional operating efficiency.

We’ll use the fresh financing to accelerate our development of new products for both home and corporate offices, optimize our supply chain for efficiency and sustainability, launch digital experiences that complement our physical products, and hire an all-star team to execute on these initiatives and more.

Our new investors are a dream team custom tailored to our mission, with track records that speak for themselves: they’ve backed peers like Eight Sleep and Peloton, manage multi-million square foot office portfolios, and have personally built and profitably scaled exceptional ecommerce businesses. All major existing investors—including Nine Four Ventures, Alate Partners, RRE and SuperAngel—rejoined us for this new round.

How We Got Here

Every startup is a rollercoaster in its own right, but even with that benchmark in mind, our journey to this point has been winding in ways none of us could have predicted.

When we announced our first financing round and mission to bring durable, beautiful and accessible office furniture to growing teams back in November 2019, we (like most of the world) had no idea what was approaching.

At the time, we were focused on building an enterprise solution for teams furnishing on-premise space for dozens or hundreds of workers. When COVID-19 struck the US in March 2020, and offices began to shut down across the country, that market evaporated overnight. We went from a high water mark of nearly a million dollars of revenue per month to almost zero in a single week.

For a brief moment, we held out hope that COVID would be a temporary setback, that we’d be furnishing corporate offices again within a few months. It quickly became evident, however, that we weren't just undergoing a pandemic that we would eventually (albeit slowly and carefully) come out of; we were undergoing a once-in-a-lifetime shift in the way people work.

Faced with this new reality, we decided to forge ahead with a new path—transforming every facet of our business from product and marketing to fulfillment and logistics in order to sell directly to the millions of consumers now working from home.

Two years and a heroic effort from our team later, growth has never been stronger at Branch. In 2021, we reached over 50,000 customers with products like our best-selling Ergonomic Chair, which has sold out more than ten times and received rave reviews from customers, independent reviewers and ergonomists alike.

What's more, we've prioritized efficient and responsible growth, approaching net profitability and generating a SaaS-like $2M of revenue per employee despite unprecedented turbulence in supply chains and traditional DTC acquisition channels.

But we’re most proud of our feedback from customers. We love hearing from folks who sit, work and feel better because of our products and service, evidenced by our NPS and CSAT scores. It’s a reminder that many of us spend more time interacting with office furniture than any other product except our mattresses—in our case, you’re awake—and benefit tangibly from an inspiring and accessible work environment.

What's Ahead

We now find ourselves in an exciting time, with the opportunity to help both businesses and consumers define the new world of hybrid work.

By combining the craftsmanship, ergonomics and service of high-end furniture with the ease and value of fast furniture, we’re better equipped than ever to serve the needs of remote workers, hybrid teams that support employees on and off premise, and real estate stakeholders in search of partners to co-create flexible work environments with.

In addition, we couldn't be more motivated to take all of the learnings and insights we've gained over the past two years and translate them into new products that seek to improve our relationship with our workspace, wherever that might be.

Our mission today extends beyond our original focus on organizations. Put simply: we believe everyone deserves to spend their workday in a place that inspires productivity and supports their health with well-designed, accessible products.

Sincerely,

Greg, Sib and Verity

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