Move Loot

About Move Loot

Move Loot, Inc. operated as an online peer-to-peer marketplace for second-hand furniture, founded in 2013 by Bill Bobbitt, Jenny Karin Morrill, Ryan Smith, and Shruti Shah. The idea originated from co-founder Bill Bobbitt's personal frustration with the expense and hassle of buying and selling furniture while relocating. The company aimed to provide a convenient solution for individuals looking to furnish their homes or sell unwanted items, positioning itself as a full-service alternative to platforms like Craigslist.

The business model was centered on logistical support; Move Loot handled the entire process from pickup and storage to cleaning, professional photography, and delivery. For sellers, this removed the common pain points of listing and showing furniture. Users would submit photos for appraisal, and if accepted, Move Loot's team would collect the items at no initial cost to the seller. The company operated its own warehouses for storing and managing inventory. Initially, the revenue model involved a 50/50 split of the final sale price with the seller. If an item didn't sell within 30 days, the price was reduced, and after 60 days, the seller could have it returned for a fee or donated to charity.

The company served several major metropolitan areas, including the San Francisco Bay Area, New York, Los Angeles, and Atlanta. After participating in the Y Combinator accelerator program, Move Loot secured nearly $22 million in venture capital from investors such as Google Ventures, Index Ventures, and First Round Capital. This funding fueled an aggressive expansion strategy. However, the capital-intensive nature of managing logistics, warehousing, and a large moving staff proved to be a significant challenge. The high operational costs, coupled with a business model that was repeatedly altered, led to an unsustainable financial situation. Despite efforts to pivot, including a B2B program for local furniture shops, the company could not achieve profitability. Move Loot ceased operations in July 2016, selling its customer list to the home services company Handy.