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 earned an email this week that read, “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 course, you will get details 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 passed without making the payment, she contacted visitor support, who told her that Kaiyo was “experiencing delays in collection” and that perhaps they simply did not provide her with a date for the problem to be resolved.
A spokesperson for the New York State Attorney General’s Office, Letitia James, showed The City that it has won court cases and is reviewing them.
Kaiyo was founded through Alpay Koralturk in 2015.
“I already had the start-up virus and that was another challenge to solve,” Koralturk told Home Accents Today in 2022. “We started by servicing Manhattan and called the company Furnishare because we were only renting second-hand furniture, which is a new concept. We are now 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 round, bringing its investment to about $50 million, according to a report from sister publication Furniture Today. By expanding into new markets and making the purchase or promotion of used 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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