Thursday, August 18

Online Furniture Consignment Shop Earns $2.8 Million in Funding

Move Loot, a self-proclaimed online furniture consignment shop, is a unique e-commerce venture — its business is based upon shipping used furniture in large batches.

It might be Move Loot’s unique purpose that make it attractive to funding sources — according to a Monday, June 9 Tech Crunch article, Move Loot has secured $2.8 million in funding from firms like First Round Capital and Index Ventures.

With this funding, Move Loot plans to expand from its headquarters in San Francisco, according to Tech Crunch. The company has been growing by about 40% each month since launching earlier this year.

Move Loot’s concept of an online used furniture shop could offer an affordable furniture option for people hoping to bypass the normally high cost of furnishing a home.

According to internetretailer.com, anyone can sell a piece of furniture they no longer want on Move Loot. People with furniture to sell must upload a picture of the item, then schedule a pickup with Move Loot, which is free.

From there, Move Loot collects, cleans and professionally photographs the furniture, then posts the pictures online. Because Move Loot is an online consignment shop, the furniture seller gets half the selling price. The internetretailer.com article states that furniture that isn’t sold is donated to local charities.

On the buying end, buyers choose the furniture they’d like to buy, pay on the Move Loot website, then schedule a delivery time for the next day.

The Tech Crunch article also reported that Move Loot hopes to make improvements to its customer service system, along with other internal fine-tuning and technology, in addition to its geographic expansions.

By the end of the year, Move Loot plans to expand to at least two more cities in the U.S., bringing used furniture to more people across the country, according to internetretailer.com.

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