What's the goal of Move Loot?
Similar to how Airbnb made sleeping on someone’s couch cool, we want to be a company that makes buying and selling furniture cool.
How did you get the business off the ground?
This was all about a year ago. We did an Indiegogo campaign for our first warehouse and that launched in October. Then we started fundraising in March. We did $2.8 million.
Can you give us the founder's description of how it works?
If you are trying to sell furniture, we have an iPhone app and a mobile site. You take photos, give us the brand, the retail price and what you want to receive for it. Then, you schedule a pick up time, our movers come, pick it up, clean it, take pictures, and sell it. Then you get either a check, Venmo or PayPal, for 50 percent of the selling price. If it doesn’t sell after 60 days, it’ll be donated. You can also have it shipped back to you, if you prefer that. We haven’t had many people want that.
Just iPhone? Is there an Andriod version coming soon?
We are focused on the iPhone app and streamlining some internal tools. We want to see how this first mobile deployment goes.
It looks like some pieces go on sale too. Why is that?
After 30 days, we can mark down the price. That allows us to better calibrate with the market. We are learning a lot more. We are becoming used furniture experts. Over the course of a products life time, we learn more about what the products pricing is.
From the buyer's end, how do they buy furniture?
From a buyer’s perspective, it’s a typical e-commerce site. We give full photographs and descriptions. If is used, there are nick, stains, and we want people to trust us as a source of quality and transparency. There is free shipping and it can be delivered as quickly as the next day. Because we are a hyper local marketplace and have our own logistics team, we can be there as soon as tomorrow.
What regions are you serving now and where do you hope to expand?
Right now we are in San Francisco. We hope to be in a couple other cities by the end of the year. There’s a lot that we want to test on density and population, what kind of furniture alternatives people have.
What are some of the biggest challenges you are facing?
Logistics, really. The biggest challenge is once you are in the house and trying to get around super small corners, doorways, stairwells. For a lot of buildings, we can contract out with movers or logistics companies. If we don’t meet the requirements for certain types of buildings, we have partners that can facilitate that.
Are you focusing at all on office moves?
We do office moves too. So much of our business is still in the experimental phase. We were working with start ups that needed furniture or were moving and needed to get rid of furniture. It’s nice because we are focused on eliminating waste and furniture waste and offices are a huge part of that. This helps make the whole office ecosystem more sustainable.