- Founded: 2013
- Ceased Operations: 2016
What did Move Loot do?
Move Loot was a Chicago-based platform that offered a convenient solution for buying and selling used furniture and home decor items. Move Loot aimed to simplify the process of furnishing homes by creating a marketplace that connected buyers and sellers. Move Loot operated in several major cities across the United States, including San Francisco, Los Angeles, New York City, and Chicago.
Move Loot raised a total of $22 million in funding across several rounds. Move Loot used these funds to expand its operations to new cities, hire additional staff, and improve its technology platform. Move Loot also focused on building partnerships with local designers, stylists, and experts to create a more curated and engaging user experience.
Who started Move Loot?
Bill Bobbitt, Jenny Karin Merrill, Ryan Smith, and Shruti Shah
Why did Move Loot go out of business?
Move Loot faced challenges in scaling its operations and achieving profitability. Move Loot faced stiff competition from other established players in the online furniture marketplace, such as Craigslist and eBay.
Move Loot had to lay off a significant portion of its workforce and shift its focus to consignment sales. However, even with these changes, Move Loot ultimately struggled to sustain its business model and announced its closure in 2016.