Entrepreneur Fed up with challenges in second-hand furniture sales establishes own platform, AptDeco, raking in over $20 million in investments.
In the rapidly growing resale economy, the second-hand furniture market is making a significant impact. According to eMarketer, the U.S. resale market reached a staggering $83.75 billion in 2024 and is projected to grow to approximately $91.6 billion by 2027. This trend is driven by consumers seeking affordable, quality items and retailers offloading excess inventory.
On a global scale, the second-hand furniture market is expected to double in size over the next decade, growing from $40.2 billion in 2024 to $87.6 billion by 2034. This expansion corresponds with the broader second-hand products market, which is anticipated to grow at a compound annual growth rate (CAGR) of about 17.2%, exceeding $1 trillion worldwide by 2025.
In the United States, economic pressures, supply chain challenges, and sustainability trends are key drivers of this market growth. Consumers are increasingly drawn to budget-friendly and immediately available furniture, while supply chain issues drive more buyers to used furniture. Sustainability concerns also play a significant role, as resale supports a circular economy and reduces landfill waste.
Among the players in this burgeoning market is AptDeco, a peer-to-peer furniture selling site founded by Reham Fagiri, a former engineering manager at Goldman Sachs, in 2014. Incubated in the prestigious YCombinator accelerator, AptDeco has its largest customer base in New York, New Jersey, and Connecticut.
AptDeco's platform allows consumers to buy popular furniture brands such as West Elm, Jonathan Adler, and Pottery Barn for up to 70% off. Particularly sought-after is wooden furniture, with a 39.33% revenue share in 2023. The company has diverted close to 20 million pounds of furniture from landfills and expects to be fully profitable this year.
Large furniture brands are also turning to AptDeco to resell furniture via private-label sites it creates for them. More brands are exploring how to participate in resale to expand their revenue streams and soften the impact of tariffs.
AptDeco's co-founder is Kalam Dennis, a former L'Oreal VP who scaled brands like Maybelline Great Lash. The director of operations is Ben Gomilla, who launched and ran the largest Amazon Fresh Fulfillment Center. The company has raised $20 million in angel and venture capital from investors such as Morgan Stanley, Liquid 2 Ventures, and Great Oaks Venture Capital.
The U.S. market for second-hand merchandise is projected to reach $186 billion by 2024 and grow at a compound annual growth rate of 17.2% from 2025 to 2035. Reham Fagiri, the founder of AptDeco, had a personal experience of difficulty selling furniture online that inspired the creation of the platform. Tariffs may soon add to the appeal of second-hand furniture.
Competition in the second-hand furniture market is fierce, with rivals including Chairish and Kaiyo. However, AptDeco's focus on sustainability, convenience, and affordability positions it well to meet the growing consumer demand for affordable, quality secondhand furniture amidst economic and supply chain challenges.
In summary, the second-hand furniture market is poised for significant growth in the U.S., with AptDeco playing a meaningful part in facilitating peer-to-peer transactions that meet consumer needs for affordability and sustainability.
| Aspect | Details | |-------------------------------|------------------------------------------------| | **Current U.S. resale market size** | $83.75 billion in 2024 | | **Projected U.S. resale market size (2027)** | $91.6 billion | | **Global secondhand furniture market** | From $40.2B in 2024 to $87.6B by 2034 | | **Growth rate (CAGR)** | About 17.2% annually (secondhand products overall) | | **Key drivers** | Economic factors, supply chain issues, sustainability concerns | | **AptDeco's contribution** | Peer-to-peer platform enabling efficient buying/selling of used furniture, fostering circular economy and meeting growing consumer demand |
- The finance industry has invested $20 million in AptDeco, a green business specializing in second-hand furniture, with the goal of facilitating peer-to-peer transactions in the resale market.
- In the home-and-garden industry, AptDeco's platform allows consumers to purchase popular furniture brands for up to 70% off, focusing on affordable and used furniture, creating a more sustainable lifestyle.
- Amidst real-estate and supply chain challenges, entrepreneurship in the second-hand furniture market is thriving, with players like AptDeco, Chairish, and Kaiyo participating in this growing industry.
- Fostering a circular economy and reducing landfill waste, the second-hand furniture market is projected to reach $186 billion by 2024, driven by factors such as economic pressures, sustainability trends, and the appeal of affordability.
- As the technology landscape evolves, fintech plays a role in supporting businesses like AptDeco, providing resources and funding to help these companies scale and become integral parts of the second-hand furniture market.
