# FloorFound

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/floorfound

- Industry: Consumer Products
- Headquarters: Austin, US
- Website: www.floorfound.com
- Total disclosed funding: $15M
- Latest round: Series A (May 19, 2022)
- Investors on record: 6

## About

Based in the US, FloorFound, Inc. is a circular economy technology firm that optimizes the recovery of oversized returns and closeouts for retailers through its AI-driven platform, RecoverAI.Founded in 2020 and headquartered in Austin, Texas, FloorFound, Inc. specializes in managing oversized retail returns. The company has successfully executed 3 deals with its most recent funding round on May 19, 2022, securing USD 10.5 mn in Series A funding led by LiveOak Venture Partners and Next Coast Ventures, along with contributions from Flybridge Capital Partners, Schematic Ventures, and Data Point Capital. The total amount raised by FloorFound stands at USD 10.5 mn, with a current valuation of USD 36.04 mn.FloorFound’s core offering, RecoverAI, is an AI-powered platform designed to optimize the recovery of oversized returns and closeouts for retailers. By leveraging artificial intelligence and a local resale model, RecoverAI streamlines the returns process, predicting revenue recovery and facilitating same-day pickup of returned items. The platform intelligently routes these items to a network of direct-to-consumer resellers, allowing retailers to reclaim lost revenue and actively participate in the circular economy. Targeting the furniture retail sector, FloorFound serves a diverse client base including retailers dealing with oversized products and resellers who benefit from acquiring returned or excess inventory. The platform operates in various geographical markets, focusing on regions with significant retail activity in furniture and home goods.FloorFound generates revenue through a transaction-based model, allowing retailers to maximize their recovery from returned items while minimizing waste. Upon a return request being placed on the RecoverAI platform, retailers engage in a partnership that includes logistics and resale. The revenue structure involves a fee-based model linked to the sale of returned items, where retailers receive payouts once their items are sold through the reseller network. By harnessing technology to facilitate these transactions, FloorFound enhances the recovery potential for retailers, aiming for an average revenue recovery of up to 25% on oversized returns.In May 2022, FloorFound, Inc. raised USD 10.5 mn in Series A funding to support its growth strategy. The company plans to utilize these funds to expand its market presence in the U.S. and venture into additional retail verticals, specifically targeting appliances, mattresses, and exercise equipment.

## Funding rounds

- Series A, May 19, 2022, $11M — Flybridge Capital Partners, Data Point Capital, LiveOak Venture, Next Coast Ventures, Schematic Ventures
- Seed, Feb 24, 2021, $4M — Flybridge Capital Partners, LiveOak Venture, 8VC, Next Coast Ventures, Schematic Ventures
- Seed, Mar 15, 2020, $0.7M — Schematic Ventures

## Investors

- Schematic Ventures (https://capitalatlas.ai/funds/schematic-ventures) — Seed, Series A
- Flybridge Capital Partners (https://capitalatlas.ai/funds/flybridge-capital-partners) — Seed, Series A
- LiveOak Venture (https://capitalatlas.ai/funds/liveoak-venture) — Seed, Series A
- 8VC (https://capitalatlas.ai/funds/8vc) — Seed
- Next Coast Ventures (https://capitalatlas.ai/funds/next-coast-ventures) — Seed, Series A
- Data Point Capital (https://capitalatlas.ai/funds/data-point-capital) — Series A