Furniture Online Kaiyo is shutting down its operations
NEW YORK – Furniture resale platform Kaiyo, which is the online call of a company called Furnishare, is closing its doors, according to a report from The City.
Customers received an email this week stating: “Currently, Furnishare DBA Kaiyo is in the initial process of orderly liquidation of the company. Due to the existing situation, we are unable to make your payment at this time. In due time, You will get information on how to register a complaint.
According to The City, users who sold their furniture on the platform have shared court cases online in recent weeks, alleging that Kaiyo withheld their payments. One said the company told her that her $172. 25 payment for a bed frame sold on the platform would take seven to ten business days to process. After that time without payment, he contacted visitor service, who told him that Kaiyo was “experiencing delays in collection” and that perhaps they simply did not provide him with a date for the solution of the problem.
A spokeswoman for the New York State Attorney General’s Office, Letitia James, demonstrated to The City that she has won court cases and is reviewing them.
Kaiyo was founded through Alpay Koralturk in 2015.
“I already had the startup bug and that was another challenge to solve,” Koralturk told Home Accents Today in 2022. “We started serving Manhattan and called the company Furnishare because we were just renting secondhand furniture, which which is a new concept. At the moment. time. Now we’re in New York, Philadelphia, Washington, D. C. and Baltimore, and we recently introduced operations in Los Angeles and plan to expand to the West Coast.
Kaiyo had raised $36 million in its Series B, bringing its investment to about $50 million, according to an article by sister publication Furniture Today. By expanding into new markets and making buying or promoting second-hand furniture quick and convenient, Kaiyo hoped to bring participation in the circular economy to life.
According to Koralturk’s LinkedIn profile, he left the company in April.
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