Floyd, formerly The Floyd Leg, found a leg to stand on nearly two years ago when it created a versatile furniture leg that can turn any flat surface into a table. Today the Corktown-based startup is gaining its footing as it prepares for a big growth year in 2016.
recently released its biggest product to date, a bed, while fleshing out its staff at its home in Ponyride
. Now the startup is raising a seed capital round and laying the groundwork for a large global sales push in 2016. But first it’s enjoying some significant sales gains since its launch nearly two years ago, clocking more than $1 million in revenue so far.
Its core product, the Floyd Leg, is leading those sales. The Floyd Leg is a steel table leg with a clamp that can attach to any flat surface, turning it into a table. The legs are sold in groups of four and serve as the support system for a light-to-medium-use table.
"That makes up the core of our sales," says Kyle Hoff, co-founder and CEO of Floyd.
Floyd ships these Michigan-made table legs all around the world. About 30 percent of its sales are international and go to 20 different countries. Some of the most popular destinations include New York City, San Francisco, and Tokyo.
"It's places were people are living in very dense areas," Hoff says. "They don't want to go to a big-box store to buy a chair and then pitch it when they have to move."
Floyd also kicked off a crowdfunding campaign for its newest product
, the Floyd Platform. The bed features a frame made of honeycombed core panels, steel supports with design inspiration from Floyd Legs, and straps to hold it firmly in place.
The Floyd Platform retails for $495, and the first are expected to be delivered in February. Floyd is also working on other furniture concepts, but is sticking to its knitting when it comes to co-debuting new products in 2016.
"Right now it's tables and beds," Hoff says. "But anything in the apartment is fair game."
Floyd currently has a staff of seven people working on the company's product catalog and growing sales. That staff also includes two Venture For America fellows, promising recent college grads who are paired with equally promising startups in economically challenged areas like Detroit.
Floyd's team is also working on raising a $550,000 seed capital round to fund its expansion by early next year. That money will go toward efforts to further open up markets in Europe and Asia, along with solidifying domestic gains.
"The goal is to open up some market channels," Hoff says. "Up until now it’s been pretty organic and word of mouth."
Source: Kyle Hoff, co-founder & CEO of Floyd
Writer: Jon Zemke