There's a new cheaper alternative to Ikea

A new furniture startup is aiming to be an even cheaper alternative to Ikea.

The company, called Greycork, makes sofas ($450), chaise lounges ($300), side tables ($75), coffee tables, ($125), and bookshelves ($200). Each piece of furniture is shipped to customers in a medium-sized box and can be assembled in under four minutes without the use of any tools.

The furniture, made of solid ash wood - the same material used in baseball bats - fiberboard, and metal, will last 20 years to 40 years, according to Greycork CEO John Humphrey.

The pieces have a minimalist design similar to Ikea. Here's the sofa and chaise lounge:

Greycork launched on the crowdfunding site Indiegogo on Sunday.

Humphrey, who grew up working in his family's factory, said he founded Greycork to give young, mobile millennials an easier and cheaper option over Ikea.

"Our target audience is moving around every couple years, so we didn't want to create furniture that was disposable - we wanted it to be able to withstand five or so moves at least," Humphrey told Business Insider.

The company compares its living room set to similar items in Ikea's Kivik and Hemnes series, which according to Greycork's calculations, would cost $1,380 and take three hours to assemble. Greycork's living room set costs $1,130 and 20 minutes to assemble, by comparison.

Customers who are wary of buying furniture online can visit the company's showroom in Providence, Rhode Island.

They can even reserve one night's stay in the showroom through AirBnb, or tour the company's Massachusetts factory, courtesy of Greycork.

Greycork keeps its costs low by reducing the amount of components in each piece of furniture, Humphrey said.

The company is planning to expand its collection beyond the living room, but Humphrey wouldn't say which room Greycork is planning to tackle next.