What is Move Loot? Move Loot Review

Move Loot is an online furniture resale market located in San Francisco, founded in 2013. Move Loot not only provides a furniture information platform and transportation services for second-hand furniture buyers and sellers, but also participates in the sales process of second-hand furniture, forming a "commissioned sales system" with sellers, providing sellers with services such as cleaning furniture, storing furniture, taking pictures of furniture, and publishing information on furniture for sale. However, Move Loot was officially closed in July 2016.

Founding Background

Everyone has a few old furniture at home that are neither worth keeping nor worth throwing away. For movers, how to dispose of old furniture in a short period of time is a big problem. Online second-hand markets can indeed solve the problem of buying and selling old furniture. However, how to transport furniture and how to store old furniture before reaching a transaction intention have become two major problems that bother second-hand furniture owners.

Move Loot was founded in 2013 by four founders who encountered the same problems when moving, namely Bill Bobbitt, Jenny Karin Morrill, Shruti Shah and Ryan Smith, aiming to reduce the hassles and waste in buying and selling second-hand furniture.

About Move Loot

Move Loot sellers need to submit furniture photos and pricing to the website, and communicate with the website about the shipping date after passing the website review. Move Loot will pick up the goods at the specified time and transport them to its own warehouse. Move Loot will clean and organize the furniture entrusted by the seller, and professionals will take photos, upload them to the website, and classify them into corresponding categories for sale. Once the furniture is successfully sold, the Move Loot seller can get half of the furniture price as compensation, and Move Loot will earn the other half of the income; if the furniture is not sold within 30 days, the seller can reduce the price; if the furniture is not sold within 60 days, the seller can choose to donate or take back the furniture.

For buyers, Move Loot is like a large furniture warehouse. Like other furniture websites, it provides detailed descriptions of products and high-resolution images. Buyers of Move Loot only need to browse the second-hand furniture information on the website, select the furniture they like, confirm the seller's information, and communicate the delivery time. Users who are not satisfied with the product can apply for a return within 48 hours.

Financing

-In 2013, Move Loot received $2.4 million in seed investment at the beginning of its business.

-In 2014, Move Loot received $2.8 million in angel investment.

-In February 2015, Move Loot raised $9 million from METAmorphic Ventures.

closure

Move Loot officially shut down in July 2016. One of the key issues was its poor move plan. They chose to work out of a substantial furniture storage room without accurately considering the expenses of running it and evaluating the benefits. As a result, costs continued to soar while benefits remained low. The startup also tried to expand and grow to New York and Los Angeles in the hopes of receiving some secured financing. This unbalanced cost-revenue situation prompted a massive layoff of employees.

Additionally, Move Loot's rumored upcoming partnerships and acquisitions never came to fruition, and after poor customer reviews and massive internal layoffs, Move Loot had to officially cease operations.