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Loveseat.com

Online Vintage Furniture Auction

Last Funded December 2019

$242,047

raised from 290 investors

Highlights

1
Selling 500+ pieces of furniture each week. 
2
96% of items sell in 1 week at an average price of $55.
3
Solid founding team - Wharton / Venmo (exit) / Ticketleap (exit).
4
61% of bidders repeat monthly.
5
Take rate is 68% of Gross Merchandise Sales.
6
Market opportunity north of $1b annually.
7
Nearly 25% of consignors have participated in 3+ auctions.
8
1500+ bidder registrations monthly.

Our Team

We saw a huge, untapped opportunity to create a national market for liquidating home goods.

The Loveseat Concept

Selling used furniture and other large items is a process full of friction. Marketplaces like Craigslist make it somewhat easy to sell an item or two locally, however, if you have many items to sell or don't have much time, it quickly becomes very difficult and turns into a job.

In our prior format as a used furniture ecommerce business, we bought tons (literally) of furniture from individual sellers. Through this experience, we discovered there is an enormous liquidity problem that no one is addressing.

Liquidating home furnishings is a major challenge for people every day - downsizing a whole house, big moves, estates and retail liquidations. The problem extends well past furniture into many categories of items that are difficult or cost prohibitive to ship.

Through our prior experience as a buyer, we also spent countless hours at large in-person auctions. Although these auctions are effective, they aren't very consumer-friendly and primarily cater to resellers. We’re bringing this low-tech local auction business model online and making it approachable for anyone to participate as a buyer or a seller.

We believe this a huge untapped category of ecommerce that is over $1b annually.

The Loveseat Team

Chris Stanchak CEO

Wharton, TicketLeap (Exit) Founder

Jenny Stanchak CTO

Wharton, Deutsche Bank, Venmo (Exit) Engineer #7

How Loveseat Works

Our auction format makes it super easy for sellers to liquidate any number of used goods. All auctions are held out of our warehouses, and our team handles all the work of taking professional photos, measuring and listing the items online. Our bidding software is built specifically with the everyday buyer in mind, which maximizes cash value for our sellers and ensures almost 100% of our items sell in 1 week.


The Seller Experience

  • Apply to consign by uploading photos
  • Get approved in under 24 hours
  • Schedule a paid pickup (or drop off for free)
  • Receive payment in 2 weeks


The Loveseat Process

  • Take professional studio item photos
  • Create item listings on Loveseat.com
  • Group items in auctions published every week
  • Stage items for an in-person preview


The Buyer Experience

  • Favorite items on our website
  • Preview items in our warehouse
  • Place your winning bid online
  • Pick up your wins (or use 3rd party delivery)

Downloads

Overview