Greycork Is Now Indiegogo’s Most-Funded Furniture Company
In four days, Greycork hit its $50,000 crowdfunding goal. By the end of four weeks, the Boston- and Providence-based furniture startup became the most-funded furniture company in Indiegogo history, raising more than $170,000 and counting.
“Supporters like that it’s a refreshing alternative to the status quo,” says Greycork cofounder and CEO John Humphrey in an email to Boston. “We’re bringing an aesthetic typically seen at the higher-end market, coupled with a low price and added convenience.”
Greycork’s sleek sofa and modern accompanying chaise, coffee table, side table, and bookshelf represent a “refreshing alternative to IKEA.” The flat-packed living room set can be assembled in less than four minutes with no tools, for a total $1,000. When you need to move into your next apartment, the furniture is simple to deconstruct and easy to transport.
“At my age, I sure need something light to move or clean around,” wrote one Indiegogo commenter. “These pieces seem to fit the bill. Hopefully all goes well with the Greycork endeavor.”
With all the early success, it appears it will.
“What gets me excited is all the data we’ve received as a part of this process,” Humphrey says, noting the startup has been able to narrow in on buyer personas and survey thousands of customers to determine what modifications need to be made in order to attract a broader market. “The most important part about crowdfunding campaigns: you think of it less as a launch and more as a tool to hone your offering.”
Greycork has been honing its offering since launch in fall 2014. The company’s inaugural collection, which has since been moved to Limited Edition, featured a table, coffee table, and bench, each anywhere between $500 and $950—a higher price point Humphrey and his cofounders Alec Babala and Myung Chul “Bruce” Kim “never wanted to deliver on.”
Greycork’s new sofa can be purchased on Indiegogo for $450 itself, up to 33 percent off the retail price. Its legs and back frame are constructed with solid wood ash, and the seat cushions feature two different densities of foam.
If Greycork’s Indiegogo success is any indication, the team is on the right path. Customers want an alternative to IKEA’s indecipherable directions and bulky boxes.
“We have always had exciting plans for Greycork into the future,” Humphrey says. “Thanks to this campaign, we feel we’re on a good track.”