This startup makes thrifting furniture far easier, even for big retailers like Pottery Barn
Furniture waste is a growing concern as consumers and companies seek to reduce carbon emissions. In the U.S. alone, we throw out roughly 12 million tons of furniture every year, according to the Environmental Protection Agency, leaving it to rot in landfills. Most of it is less than fifteen years old. Recycling furniture can be difficult, mostly because selling and moving it is such a pain.
Apparel companies like Poshmark, Dpop and Thredup are thriving in online thrifting, but furniture thrifting is a lot more complicated, simply due to the size of the items. Craigslist and Facebook Marketplace list furniture, but it’s up to the consumers to figure out how to pick up and deliver the items. That can be costly and potentially dangerous, with strangers inviting strangers into their homes.
AptDeco is offering a new business model. The New York-based startup is an online marketplace for buying and selling used furniture that provides pick-up and delivery for items. It also works with major retailers, like West Elm and Pottery Barn, to sell floor models or resell items that have been returned.
“By extending the lifecycle of furniture, overall it’s just better for the environment, whether it be less wood being chopped out of forests to just the supply chain associated with producing that furniture,” said Reham Fagiri, founder and CEO of AptDeco.
For big furniture retailers, there is big waste in returns and the reverse logistics involved — from the costs to the transportation emissions. Instead, partner brands are now selling their returned items on AptDeco as soon as a customer requests a return, directly from the customer’s home. AptDeco uses its own resale data to price items to sell quickly, often within a week. They can then retrieve the item from the returner’s home and deliver it directly to a resale buyer, bypassing the need to take these returned items to a distribution center first.
Kathleen O’Brien bought her dining room table, TV console and headboard from AptDeco.
“The world is kind of on fire, literally, and so anything that I can do to reduce my own footprint in the world is what I’m trying to do, like in all aspects of my life and furniture specifically,” said O’Brien.
While the furniture sells at as much as a 50% discount to new, the service comes at a price.
“We earn a percentage that ranges from 15% to as high as 60% depending on the product, the brand, the condition, and a lot of different variations that go into it,” said Fagiri.
The company operates everywhere in the U.S. except Alaska and Hawaii. The company’s carrier network across so many markets makes its expansion potential very attractive to investors like Initialized Capital.
“Contributing to the circular economy through their logistics business is a great example of the types of climate adaptation companies that we see as having longevity in the next phase of climate tech,” said Zoe Perret, a partner at Initialized Capital,
AptDeco is also backed by Comcast Ventures, Y Combinator, Hearst Lab, Great Oaks Venture Capital and Soma Capital. It has raised $14.5 million in total funding so far.
In the 10 years since its launch, Fagiri says the company has offset over 19 million pounds of carbon dioxide from the environment. That’s equivalent to roughly 6.5 million cars taken off the road.
CNBC producer Lisa Rizzolo contributed to this piece.
Singapore authorities are investigating artificial intelligence computing firm Megaspeed, a customer of American AI chipmaker Nvidia, for allegedly helping Chinese companies evade curbs on U.S. chip exports.
“The Singapore Police Force confirms that investigations are ongoing into Megaspeed for suspected breaches of our domestic laws,” the police told CNBC in an email.
The probe comes as the New York Times reported Thursday that the U.S. Commerce Department was also investigating whether Megaspeed skirted American export controls, citing anonymous officials and other people familiar with the matter.
The twin investigations into Megaspeed could raise questions about Nvidia’s ability to track its chip exports effectively and to comply with U.S. restrictions on the sale of its most advanced AI chips to China.
According to an Nvidia spokesperson, the company had engaged the U.S. government on the matter and performed its own inquiry, without identifying “any reason to believe products have been diverted.”
“NVIDIA visited multiple Megaspeed sites yet again earlier this week and confirmed what we previously observed—Megaspeed is running a small commercial cloud, like many other companies throughout the world, as allowed by U.S. export control rules,” they said in a statement shared with CNBC Friday.
Megaspeed didn’t immediately respond to a request for comment, nor did the U.S. Commerce Department.
The Times reported that Megaspeed, which spun off from a Chinese gaming company in 2023, bought nearly $2 billion worth of Nvidia’s most advanced products through its subsidiary in Malaysia.
Export loophole concerns
The case surrounding Megaspeed highlights broader concerns about the effectiveness of U.S. export restrictions on advanced technologies, such as Nvidia’s AI processors.
The U.S. government has, for years, restricted sales of advanced AI chips to China, citing concerns they could strengthen Beijing’s military and give it an edge in broader AI development, among others.
But experts and lawmakers in Washington have long warned about loopholes in Washington’s export controls, while reports indicate that a massive black market for smuggled Nvidia chips has also emerged.
The House Select Committee on China in April questioned Nvidia’s shipment of chips to China and Southeast Asia after reports that Chinese AI start-up DeepSeek used the company’s chips to train a groundbreaking AI model.
Just a few months prior, Singapore had launched a separate probe into the alleged smuggling of restricted Nvidia chips, which were declared bound for Malaysia but may have been diverted elsewhere, including China.
In response to such cases and mounting U.S. pressure, Malaysia announced in July that it would begin requiring permits for all exports and transfers of Nvidia chips.
Outsourcing to Southeast Asia?
Chinese companies have also exploited a legal gray area by tapping into computing power from data centers in Southeast Asia equipped with restricted Nvidia chips, according to recent reports.
For example, Megaspeed was using its Nvidia chips for data centers in Malaysia and Indonesia, which appeared to be remotely serving customers in China, according to the Times.
Nvidia didn’t directly address this claim, but said in its statement that the Trump administration’s recent AI Action plan “rightfully encourages businesses worldwide to embrace U.S. standards and U.S. leadership, benefiting national and economic security.”
The Trump administration has recently signaled interest in ensuring Nvidia maintains its global market dominance — even in China — though its AI Action plan also called for strengthening enforcement of export controls globally.
Lawmakers in Washington have also proposed bills that could see Nvidia required to outfit its chips with tracking systems.
Such proposals have received pushback from Beijing, which froze imports of Nvidia’s chips after the Trump administration said it would roll back restrictions on some of the firm’s chips made specifically for China.
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