Welcome!

News Feed Item

Move Loot, the Easiest Way to Buy and Sell Used Furniture, Raises $2.8M Seed Round From First Round Capital, Index Ventures and Others

Company Disrupting Peer-to-Peer Commerce and Growing 40 Percent Month-Over-Month

SAN FRANCISCO, CA -- (Marketwired) -- 06/09/14 -- Move Loot, the easiest way to buy and sell used furniture online, announced today that it has closed a $2.8M seed round of funding co-led by First Round Capital and Index Ventures. Other participants include Google Ventures, SV Angel and Y Combinator (Move Loot was in the Winter '14 batch).

Bill Bobbitt, Co-founder and CEO of Move Loot, says the company plans to use the funds primarily for geographic expansion and supply chain enhancements to improve the customer experience. Currently operating in San Francisco, Move Loot plans to expand to at least two additional cities before the end of the year.

"We're incredibly happy with how much progress we've made in San Francisco -- there is no shortage of people looking for an easy and affordable furniture solution," said Bobbitt. "In fact, we recently moved to a new warehouse that's six times the size of our original unit because we were so capacity constrained."

Move Loot is fundamentally changing the way people furnish homes and offices by providing a technology platform and warehousing solution that makes it more convenient and less expensive to buy used over new. The founders were motivated to start the business based on their own painful experiences moving across the country and their interest in reducing the amount of used furniture that goes into landfills each year -- 10.8 million tons. "We knew that we could use technology to create these great local marketplaces and enable people to sell and buy perfectly good used furniture that deserves another chance," said Bobbitt. "Quality furniture holds its value surprisingly well, and we're hoping to play a part in changing consumer behavior away from the current trend of buying cheap, disposable pieces."

Sellers need only photograph their furniture, upload the photos to Move Loot and schedule a free pickup. Move Loot collects the furniture, cleans it if necessary, photographs it professionally, and posts it online for sale. Buyers choose what they want, pay online and schedule next-day delivery to their doorstep via Move Loot movers. Following the traditional consignment model, sellers get a portion of the selling price, but Move Loot handles all of the hassle. In keeping with Move Loot's environmental values, items that don't sell are eventually donated to local charities.

Josh Kopelman, Partner at First Round Capital, said his firm invested in Move Loot because they'd solved the sell side of this market in a way that's innovative and comprehensive. "Most marketplaces have to manage both supply and demand -- and a lot of effort goes into keeping them in balance. Move Loot's model addresses both beautifully, and solves a massive pain point for a huge audience," said Kopelman.

"We're excited to back Move Loot as it is at the intersection of two major trends we're seeing. First, it is a local marketplace that creates a seamless and delightful experience for both buyers and sellers. And second, it's a great example of the village economy -- the confluence of urbanization, digital efficiency and gen y values around sharing and reusing," said Terrence Rohan of Index Ventures. "More importantly, we've been very impressed by this team of scrappy mission-driven builders."

Move Loot is currently working on creating an expansion playbook encapsulating repeatable processes for geographic expansion. "We've learned a lot during our eight months of operation," said Bobbitt, "and there is still so much to learn that will only be catalyzed by comparing findings between cities." The company will also continue to invest in technology, such as inventory management and scheduling optimization that will help it improve supply chain efficiencies and deliver a great experience for customers.

About Move Loot
Move Loot is the easiest way to buy and sell used furniture online. Unlike peer-to-peer services or classified ads, Move Loot takes the burden off sellers by picking up their furniture and selling it on their behalf. Buyers can find great quality furniture online at steeply discounted prices and have it delivered the next day. Move Loot was created to help reduce the 10.8 million tons of used furniture that goes into landfills each year in the U.S. To learn more about Move Loot, visit www.moveloot.com, or follow the company on Facebook, Pinterest or Twitter.

Move Loot is a trademark of Move Loot Inc. All other trademarks contained herein are the property of their respective owners.

For information, contact:
Michelle Faulkner
Email Contact
+1 617 510-6998

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...