Metamorphic Ventures has led a $9 million funding round for Move Loot, an online furniture marketplace. Other investors included First Round Capital, Index Ventures, Great Oaks, IDG, Sherpa Ventures, Y Combinator and Google Ventures.
SAN FRANCISCO, Feb. 10, 2015 /PRNewswire/ — Move Loot, the first full-service online marketplace for pre-owned home goods, has teamed up with the e-commerce experts at venture capital firm Metamorphic Ventures and raised $9 million in new funding to prepare for rapid geographic expansion.
Move Loot makes it simple to buy from a selected inventory of high-quality second-hand pieces that are built to last. In an overcrowded marketplace of fast-solution goods, Move Loot introduces a streamlined, hassle-free experience to the sharing economy, including complimentary pick-up, listing, storage, and delivery of all goods exchanged on the platform.
“In 2014 alone, Move Loot has saved San Francisco Bay Area & North Carolina consumers more than $2M off new retail price tags, while simultaneously diverting over 600 tons of quality furniture from going to waste in landfills,” says Bill Bobbitt, Co-Founder and CEO of Move Loot. “There’s a huge appetite nationwide for the collaborative exchange of goods, and now we finally have the simple and secure platform to fill this need.”
Following a seed round of funding earlier in 2014, Move Loot has raised an additional $9 million in this round of funding led by Metamorphic Ventures, including investment from First Round Capital, Index Ventures, Great Oaks, IDG and Sherpa Ventures. Earlier investors include YCombinator and Google Ventures. Move Loot will leverage this fresh funding in order to continue the development momentum of its already exceptional buying, selling, and delivery experience and soon expand beyond its three initial markets to several to-be-announced cities nationwide.
“Many of the products and services in our lives enjoy mature secondary markets,” says David Hirsch, Founder and General Partner of Metamorphic Ventures. “The Move Loot team is well on their way to help both sellers and buyers enjoy the best user experience merging both online and offline and creating the ideal secondary market for furniture.”
Since inception in October 2013, the start-up has quickly evolved from a single San Francisco-based storage facility with just six employees, to a 60-person company stocked with top-notch goods in three warehouses across the country.
ABOUT MOVE LOOT
Move Loot is the first curated, full-service online marketplace for second-hand home goods. Not only does the company help reduce waste— in an overcrowded marketplace of fast-solution disposable goods that are guaranteed to fall apart after a short time— they’ve perfected the full-service model, far surpassing the capabilities of other sites in the space by building a streamlined, hassle-free experience for both the buyers and sellers. Their services encompass the whole deal, spanning all the way from free pick up, photography, listing, and storage, through to the delivery of goods. Currently available in the San Francisco Bay Area and Raleigh, Durham, and Charlotte, NC, Move Loot plans to expand its service to other major markets in the coming months. The company is backed by venture capital firms including Metamorphic Ventures, Great Oaks, IDG, First Round Capital and Index Ventures. Learn more at http://www.moveloot.com or follow the company on Facebook, Pinterest or Twitter.
ABOUT METAMORPHIC VENTURES
Metamorphic Ventures is a New York City based venture capital firm that invests in start-up and early stage technology companies. We focus on investing in great entrepreneurs building game-changing companies in massive markets, whether that be in categories like marketplaces, e-commerce, payments, web services, the Internet of Things, virtual reality, or even new categories that haven’t been discovered yet. For more information, please visit www.metamorphic.vc.